The new financial year 2022-23 shall kick off on a busy note for the primary market with some of the public issues including Veranda Learning, Uma Exports and Hariom Pipe lined up for launch. Hyderabad-based Hariom Pipe Industries Ltd. will launch its IPO on March 30 and the same will close on April 5, 2022. The company has announced the price band for the offering at Rs. 144-153 per share.
Allotment of shares shall be done on April 8 and initiation of refund against non-allotment will be done on April 11. The issue shall make its way on the Indian bourses on April 13.
The public issue of Hariom Pipe will include a fresh issue of up to 8.5 million or 85 lakh shares. Considering the upper end of the price band, the company will mop up around Rs. 130 crore.
The proceeds mopped up from the issue will be put to finance capital expenditure as well as other working capital needs.
The company plans to establish a manufacturing facility in the state's Sangareddy with an estimated installed capacity of 1,943 tonnes per annum. Also it plans to expand mild steel pipe manufacturing capacity to 1,32,000 million tonnes per annum.
About Hariom Pipe Industries: Hyderabad-Telangana based company is a premium manufacturer of iron and steel products. The company has evolved into an integrated steel manufacturer with a stronghold in the South Indian market. With a diverse product portfolio consisting of Mild Steel (MS) Billets, Pipes and Tubes, Hot Rolled (HR) Coils and Scaffolding Systems, the company's top-quality products cater to a variety of industrial applications across multiple sectors.
For FY21, the company's total income stood at Rs 254.82 crore against Rs 161.15 crore a year ago. Profit after tax for the period also saw an increase to Rs 15.13 crore as against Rs 7.90 crore last year.