How did the IPO of Hariom Pipes list on the stocks exchanges on Wednesday? Was it a strong listing on 13th April 2022?

The shares of Hariom Pipe Industries, a Hyderabad based manufacturer of high quality pipes, made a strong debut on 13-April. The stock closed with a gain of 51% over its issue price of Rs.153. The IPO had been priced at the upper end of its price band. The subscription to the IPO had been fairly decent getting around 7.93 times subscription but then the size of the issue was extremely small at Rs.130 crore and hence subscription could be misleading.

On Wednesday, the Hariom Pipe Industries stock listed on the BSE at Rs.214, which represents a gain of 39.86% over the issue price of Rs.153. During the day, the stock gathered further momentum. On the NSE, the stock opened at Rs.220 with gains of 43.79% and closed the day still stronger at a price of Rs.231. This represents a closing appreciation in the price over the IPO band of 50.98%.

The Rs.130-crore Initial Public Offering (IPO) of Hariom Pipe Industries had been showing around 10% premium in the GMP. The issue had opened on 30-March and had closed for subscription on 05-April. Incidentally, Hariom Pipes manufactures steel products and boasts of a wide distribution network in south India. It basically services companies in housing, infrastructure, agriculture, automotive, solar power, power, cement and engineering.