Hariom Pipe Industries Surges 51% Over IPO Price On Debut

Shares of Hariom Pipe Industries Ltd. surged on debut after its initial public offering was subscribed 7.93 times.

The stock of the Hyderabad-based manufacturer of iron and steel products listed at Rs 220 apiece on the BSE, a premium of 43.7% to its IPO price of Rs 153. It then rose to Rs 231, as much as 51% higher.

Retail investors had bid the most for Hariom’s shares in the IPO, followed by non-institutional investors.

The Rs 130-crore IPO comprised a fresh issue of 85 lakh shares, according to its red herring prospectus. It sold shares at Rs 144-153 apiece.

The company in the prospectus said the IPO proceeds would be used to fund its capital expenditure, working capital requirements and toward expenses for general corporate purposes.