The Rs 130-crore Preliminary Public Providing (IPO) of Hariom Pipe Industries was subscribed 7.93 instances on the ultimate day of bidding on Tuesday on the again of a powerful assist from retail traders.
The general public problem acquired bids for six.74 crore shares as in opposition to the 85 lakh on supply, translating right into a subscription of seven.93 instances, in line with the info out there on NSE web site.
The IPO acquired sturdy response from retail investor because the portion put aside for them was subscribed probably the most at 12.15 instances, adopted by non-institutional traders (8.87 instances) and certified institutional patrons (1.91 instances).
The problem, which kicked off for subscription on March 30, concluded on April 5.
Hariom Pipe Industries is predicted to garner Rs 130 crore on the increased finish of the value band of Rs 144-Rs 153. The proceeds generated will probably be utilised for funding capital expenditure necessities, working capital necessities and the remaining for normal company function.
The Hyderabad-based firm manufactures metal merchandise and has a large distribution community in south India. It caters to buyer necessities in varied sectors comparable to housing, infrastructure, agriculture, automotive, solar energy, energy, cement, mining and engineering.