IPO Update: Hariom Pipe Industries IPO opens Today

IPO Update: Hariom Pipe Industries IPO opens Today The third and last initial public offering in March will be Hariom Pipe Industries. Veranda Learning Solutions and Uma Exports are the other two IPOs that have previously gone public. Bidding for the available shares begins on March 30 and ends on April 5. On March 29, the anchor book, if there is one, will open for a day. The shares would be sold for Rs 144 to Rs 153 each, which is 14.4 and 15.3 times the face value (Rs 10) of the shares, respectively. The company intends to raise Rs 122.4 crore at the low end and Rs 130.05 crore at the high end of the price range. The initial public offering (IPO) is for 8.5 million shares. The company has set aside 30% of the offering for qualified institutional buyers and 35% for retail and non-institutional investors, respectively. Investors can bid for as few as 98 shares and as many as 98 shares after that. A retail investor can pay as little as Rs 14,994 for a single lot of 98 shares and as much as Rs 1,94,922 for 13 lots (1,274 shares). The offer's net proceeds will be utilised for capital expenditure (Rs 50.05 crore) and working capital requirements (Rs 40 crore), as well as general business purposes. About Hariom pipe industries  The company is situated in Hyderabad, Telangana, and produces high-quality iron and steel goods. The business has grown into a fully integrated steel producer with a strong presence in the South Indian market. The company's top-quality goods, which include Mild Steel (MS) Billets, Pipes and Tubes, Hot Rolled (HR) Coils, and Scaffolding Systems, appeal to a variety of industrial applications across numerous sectors. The company's overall income for FY21 was Rs 254.82 crore, up from Rs 161.15 crore the previous year. The profit after tax for the period increased to Rs 15.13 crore from Rs 7.90 crore the previous year.