Hariom Pipe Industries shares jump nearly 51% in debut trade
- ByStartupStory | April 14, 2022
During its stock market debut on Wednesday, Hariom Pipe Industries’ shares soared more than 50% over its issue price. The shares ended the day at Rs 231, up 51% from the issue price of Rs 153. In both markets, the stock was trapped in the 5% upper circuit.
According to experts, the robust debuts of new listings such as Harirom and Ruchi Soya will strengthen retail attitudes toward upcoming IPOs. On the BSE, the stock debuted at Rs 214, representing a 39.86 percent increase above the issue price. After that, it soared 46.86 percent to Rs 224.70. The stock opened at Rs 220 on the NSE, up 43.79 percent from the issue price, then rose 50.98 percent to Rs 231. Hariom Pipe Industries’ Rs 130-crore initial public offering (IPO) was oversubscribed 7.93 times earlier this month.
The IPO of the Hyderabad-based company drew roughly 8 times more interest than the available shares. The retail component of the issue has been subscribed 12.15 times, the HNI portion has been subscribed 8.9 times, and the qualified institutional buyer (QIB) portion has been subscribed 1.91 times.
Hariom Pipe raised Rs 130 crore in new capital through the IPO. The company had a market capitalization of about Rs 572 crore at the time of the last closing. Hariom Pipe is a full-service mild steel pipe, scaffolding, HR strips, MS billets, and sponge iron maker. The company made a net profit of Rs 15.13 crore on total revenue of Rs 254.82 crore in FY21.
The issue was open for subscription from March 30 to April 5. Steel items are manufactured by the firm, which has a large distribution network in south India. It serves customers in a variety of industries, including housing, infrastructure, agricultural, automotive, solar power, electricity, cement, mining, and engineering.
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