Hariom Pipe Industries Limited’s initial public offering (IPO) made its market debut on Wednesday and more than half of its issue was subscribed within three hours on the first day of bidding itself. Potential investors can bid for the IPO until April 5.

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Thirty percent of the issue is reserved for qualified institutional buyers and up to 35 percent each for non-institutional and retail investors.

By 2 pm, the issue received bids of 44.72 lakh shares against 85 lakh shares offered. Retail investors booked 1.5 times the portion reserved for them. They bid for 44.47 lakh shares against the size of 29.75 lakh shares set aside for them. Non-institutional investors subscribed to more than 25,000 of the 29.75 lakh shares reserved for them. QIBs were yet to start bidding.

Mild steel (MS) billets, pipes and tubes, and hot-rolled (HR) coils scaffolding maker is looking to raise Rs 130 crore via the issue at the upper end of the price band. The price band has been fixed at Rs 144-153 per share for Hariom Pipe IPO.

Also Read: Hariom Pipe Industries IPO: Should you subscribe to the public offer?

The company will use Rs 50.05 crore of the proceeds from the issue for capital expenditure, Rs 40 crore for working capital and the rest for general corporate purposes.

The firm will finalise share allotment by April 8 and credit shares to eligible investors by April 12, according to reports. Unsuccessful investors will get their refunds by April 11, they added.

Hariom Pipe shares will list on the exchanges BSE and NSE on April 13.

Also Read: All you need to know about Hariom Pipe Industries IPO

Hariom Pipe markets and sells MS pipes in southern and western India. A substantial portion of the sponge iron, MS billets and HR strips produced by the company is used for captive consumption in manufacturing MS pipes and scaffolding.

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