How was the overall subscription to the IPO of Hariom Pipe Industries, which closed on 05th April?

The IPO of Hariom Pipe Industries closed on 05-April after 4 days of staying open, one of the few rare such cases since most IPOs close in 3 days flat. However, in between there were a number of fiscal year-end holidays which dragged the IPO for a longer time. As per combined bid details put out by the BSE, Hariom Pipe Industries IPO was subscribed 7.93, getting bids for 674.05 lakh shares against the total bid size of 85 lakh shares.

Let us first talk about the QIB portion subscription. Being a small sized IPO, there was no anchor placement in the case of Hariom Pipe Industries. The QIB portion had a quota of 25.50 lakh shares out of which it received bids for 48.76 lakh shares at the close the IPO. This implies an oversubscription of 1.91 times for QIBs at the close of Day-4. QIB bids had an overall allocation of just 30% and typically got bunched on the last day.

Let us now move to the HNI / NII portion of the IPO which had a 35% allocation in the IPO. This segment was subscribed 8.87 times. Out of the 29.75 lakh shares available for subscription in the HNI / NII segment it got valid bid applications for 263.79 lakh shares. This is a good improvement on the fourth day after a tepid first 3 days of HNI / NII response to the IPO. This segment normally sees the maximum response bunched on the last day.

Finally, the retail portion with a 35% quota allocation, was subscribed a relatively strong 12.15 times at the close of the IPO of Hariom Pipe Industries. Out of the 29.75 lakh shares there were on offer in the retail quota, valid bids were received for 361.50 lakh shares, which; including bids for 300.86 lakh shares at the cut-off price. This translates into 12.15 times subscription. Priced at the band of Rs.130 to Rs.137, the issue has closed on 05-Apr.