Shares of Hariom Pipe Industries made a stellar stock market debut on Wednesday. Hariom Pipe Industries shares opened for trading at Rs 214 on the BSE compared to its IPO price of Rs 153 per share. The stock rose as much as 47 per cent or Rs 71.70 from the IPO price to hit an intraday high of Rs 224.70. On the National Stock Exchange, Hariom Pipe Industries opened at Rs 220 and hit an intraday high of Rs 231 per share.
Hariom Pipe Industries sold shares in the price band of Rs 144-153 per share via initial public offering between March 30-April 5 and the issue was subscribed 3.57 times, data from the National Stock Exchange showed. Hariom Pipe shares were in very high demand among the retail individual investors as portion reserved for them was subscribed 6.92 times, portion reserved for non-institutional investors was booked 2.68 times and pie set aside for qualified institutional buyers, which include foreign institutional investors and financial institutions, was subscribed 0.7 times.
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Hariom Pipe Industries manufactures iron and steel products including mild steel pipes, scaffolding, HR strips, MS billets, and sponge iron. The company sells and markets MS Pipes in the western and southern parts of India under the brand name "Hariom Pipes". As part of the B2B sales, the company sells MS Pipes and Scaffoldings to specific developers and contractors. Hariom Pipe Industries has more than 200 dealers and distributors for selling its products. The company is located in Hyderabad, Telangana.
The company operates two plants, one at Mahabubnagar District in Telangana (Unit I) that manufactures finished steel products from iron scrap and sponge iron and the second plant at Anantapur District, Andhra Pradesh (Unit II) that only manufactures Sponge Iron.
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As of 10:24 am, Hariom Pipe Industries shares traded 47 per cent higher at Rs 226 compared with its issue price of Rs 153.
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