Hariom Pipe Industries makes stellar debut on bourses; shares list at 44% premium over issue price on NSE

Metal pipes manufacturing company Hariom Pipe Industries made a stellar debut on the exchanges (NSE and BSE) on Wednesday. Shares of Hariom Pipe Industries were listed at Rs 214 per share on the BSE. This was a premium of Rs 61.00 or 39.87% at the upper band of the issue price of Rs 153 apiece. On the NSE, the shares opened at Rs 220 per equity share, a gain of Rs 67 or 43.79%.  

Recating to the strong listing, Santosh Meena, Head of Research, Swastika Investmart Ltd, said Hariom Pipes Ltd. has debuted on the secondary market with a handsome gain.

"The company’s good listing can be attributed to improving market sentiments and good prospects for the Steel Pipes industry. The company has an integrated nature of operations, a cost-effective process, and an experienced management team, however, the cyclical nature of the industry, and commoditized nature of products make it suitable only for the aggressive investors in the long term," he said, adding that those who applied for listing gains can maintain a stop loss of Rs.195.

Earlier, Hariom Pipe Industries’ initial public offer (IPO) was subscribed 7.93 times on the final day of bidding, according to the data available on the BSE website. The three-day initial share-sale offer was launched between March 30 and April 5, 2022.  

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Hariom Pipe is an integrated manufacturer of Mild Steel (MS) Pipes, Scaffolding, HR Strips, MS Billets, and Sponge Iron. Headquartered in Hyderabad, Telangana, the company manufactures steel products and has a wide distribution network in South India.   

The Hyderabad-based company caters directly and indirectly to customer requirements in various sectors such as housing, infrastructure, agriculture, auto, solar power, power, cement, mining, and engineering.