Hariom Pipe Industries' IPO receives 3.44 times subscription on Day 4

The initial public offering (IPO) of Hariom Pipe Industries was subscribed 3.44 times on the fourth day of the bidding on Monday.

The public issue received bids for 2.92 crore shares as against the 85 lakh on offer, translating into a subscription of 3.44 times, according to the data available on NSE website.

Retail portion of the IPO was subscribed the most at 7.18 times, followed by non-institutional investors (1.93 times) and institutional buyers (83 per cent).

The issue, which kicked off for subscription on March 30, will be open till April 5.

Hariom Pipe Industries is looking garner Rs 130 crore at the higher end of the price band of Rs 144-Rs 153. The proceeds generated will be utilised for funding capital expenditure requirements, working capital requirements and the remaining for general corporate purpose.

The Hyderabad-based company manufactures steel products and has a wide distribution network in south India. It caters to customer requirements in various sectors such as housing, infrastructure, agriculture, automotive, solar power, power, cement, mining and engineering.