Hi-Tech Pipes Raises ₹500 Crore in Oversubscribed QIP with Backing from Major Institutional Investors

Hi-Tech Pipes, a company that makes steel pipes, has successfully raised over ₹500 crore through a Qualified Institutional Placement (QIP). The QIP opened on October 7 after market hours and closed on October 11, according to the company’s announcement.

The QIP was oversubscribed, attracting bids of more than ₹800 crore from well-known institutional investors. The company stated, “Hi-Tech Pipes announces successful closure of ₹500 crore Qualified Institutional Placement (QIP), with oversubscription by marquee institutional investors.”

Several leading domestic institutions took part in the QIP, including Motilal Oswal Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, WhiteOak Mutual Fund, and SBI General Insurance. Notably, some prominent global institutions also participated.

Hi-Tech Pipes issued 26,996,734 new equity shares at a price of ₹185.50 each as part of this QIP.

The company has six integrated manufacturing facilities with a total production capacity of around 800,000 metric tonnes per year.