Hyderabad-based Hariom Pipe Industries Limited proposes to open its initial public offering for shares on Wednesday 30 March 2022 and close on Tuesday 5 April 2022.
The price range for the issue has been set at Rs 144 – Rs 153 per share. Investors can bid for a minimum of 98 shares and thereafter for multiples of 98 shares.
The public offering includes the issuance of up to 85,00,000 shares of the Company.
The issue will be made pursuant to the bookbuilding process set out in Regulation 6(1) of the SEBI ICDR Regulations, with no more than 30 percent of the issue being available for allocation to qualified institutional buyers, with no less than 35 percent of the issue being available for allocation available to non-institutional investors and no less than 35 percent of the issue is available for allocation to retail investors.
Means to be used
The proceeds from the issue, valued at Rs 50.05 crore, will be used to fund investment needs; Rs 40 crore will be used to fund working capital needs and remain for general corporate purposes.
About the firm
Hariom Pipe Industries Limited, headquartered in Hyderabad, Telangana, manufactures steel products and has a wide distribution network in southern India, it said in a press statement. The Company is an integrated manufacturer of billet, tube and pipe from Mild Steel (MS), Hot Rolled (HR) Coil, Scaffolding and Sponge Iron, directly and indirectly meeting customer needs in various sectors such as Residential Construction, Infrastructure, Agriculture, Automotive, Solar Energy, Energy, Cement, mining and engineering.
The expansion of the furnace will ensure the availability of primary raw materials, ie MS billets used in the production of HR strips. HR strips are used as the main raw material in its tube mills. The new electric furnace will also help ensure the availability of HR strip for its additional tube mills. This results in backward integration of its product line.
The company’s EBITA margin for fiscal year 2021 is 13.72 percent. Total income and profit after tax for the six months ended 30 September 2021 were Rs. 201.16 crores and Rs. 12.87 crores and Rs.
The Company’s long-term credit rating was upgraded by CRISIL from “CRISIL BBB / Stable” to “CRISIL Triple BBB+ Outlook: Stable” (pronounced Triple B Plus with stable outlook) in FY2022.
(To receive our e-paper daily on WhatsApp, please click here. We allow sharing the PDF of the paper on WhatsApp and other social media platforms.)
Published on: Monday March 28, 2022 3:58 PM IST
Comments are closed.