Hyderabad-based Hariom Pipe Industries Ltd has set the price band for its initial public offering at Rs 144-153 per share. The IPO will open on 30 March and close on 5 April. Allotment will be on 8 April and initiation of refunds on 11 April and the issue will be listed on 13 April.

The IPO comprises a fresh issue of up to 8.5 million shares. At the upper end of the price band, the firm will raise around Rs 130 crore. The proceeds will be used to fund capital expenditure and working capital requirements.

The firm is planning to set up a manufacturing plant in Telangana’s Sangareddy with a total estimated installed capacity of 51,943 tonnes per annum. It plans expanding mild steel (MS) pipe manufacturing capacity from 84,000 to 1,32,000 million tonnes per annum by setting up two pipe mills and bumping up furnace unit capacity from 95,832 to 1,04,232 mtpa.

Hariom is an integrated manufacturer of MS pipes, scaffolding, HR strips, MS billets, and sponge iron.

For FY21, its total income stood at Rs 254.82 crore against Rs 161.15 crore a year ago. Profit after tax for the period stood at Rs 15.13 crore versus Rs 7.90 crore last year.

News Source:- Moneycontrol