Hariom Pipe made profit to investors, shares of Rs 153 listed at Rs 220
The price band of the IPO was Rs 144-153 per share.
On Wednesday, the stock of Hariom Pipe was listed at Rs 214 at a premium of 40 per cent on the BSE. On the other hand, the company’s shares were listed on NSE at Rs 220 with a premium of 44 per cent.
There was a strong entry of metal pipe maker Hariom Pipe Industries Ltd in the stock market. On Wednesday, the stock of Hariom Pipe was listed at Rs 214 at a premium of 40 per cent on the BSE. On the other hand, the company’s shares were listed on NSE at Rs 220 with a premium of 44 per cent. After the listing, the company’s stock rose and it reached a high of Rs 226. of the company IPO (IPO) opened on 30 March and it closed on 5 April. Hariom Pipe Industries had fixed a price band of Rs 144-153 per share for the Rs 130 crore IPO.
Hariom Pipes manufactures iron and steel products including Mild Steel (MS) Pipes, Scaffolding, HR Strips, MS Billets and Sponge Iron. The company manufactures finished steel products from air scrap and sponge iron at its integrated plant at Mahbubnagar, Telangana. In another plant located in Anantapur, Andhra Pradesh, the company exclusively manufactures sponge iron.
With the money raised from the IPO, the company will increase its MS pipe manufacturing capacity from 84,000 to 132,000 million tonnes per annum (mtpa) by setting up two additional pipe mills next to the Mahbubnagar plant. It will also increase the capacity of the furnace unit from 95,832 to 1,04,232 MTPA. The company had acquired the Anantapur facility in September 2020 as a part of the backward integration initiative.