Hariom Pipe Industries IPO: updates of Day 1, check subscription status and latest GMP

On the first day of its initial public offering (IPO), Hariom Pipe Industries, a maker of iron and steel products, acquired a subscription of nearly 67 percent of the total issue size. Hariom Pipe announced its initial public offering (IPO) on Wednesday, hoping to raise between 122.4 crore and 130.05 crore.

The amount reserved for retail individual investors (RII) was 1.88 times oversubscribed, while the portion reserved for non-institutional investors was just 3% oversubscribed. On Day 1, there was no bidding from qualified institutional buyers (QIB).

In the IPO, QIBs will receive 30% of the issue, while NIIs and RIIs will receive 35 percent each.

The IPO will be available for subscription until April 5th. On the problem, a price range of 144 to 153 has been established. The issue is entirely focused on book creation. 98 Equity Shares and multiples thereof will constitute the bid lot.

The book-running lead manager for the IPO is ITI Capital.

The tentative date for allotment of shares is April 8, 2022. Hariom Pipes is expected to float its shares on the NSE and BSE on April 13, 2022.