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Vibhor Steel Tubes close at upper circuit at 195% premium to IPO price

19 Mar 2024 , 10:36 AM

On February 20, Vibhor Steel Tubes made a spectacular market debut, listing at a premium of 181% above the IPO price. In contrast to the issue price of ₹151, the shares close with upper circuit at ₹446.25 on the NSE, 195.53% higher to IPO price and at ₹442 on the BSE. 

Investor reaction to the issue was substantial, as it was subscribed 320 times. High net worth individuals (HNIs) continued to lead the way, exceeding the quota by a factor of 770. The amount designated for eligible institutional purchasers was booked 191 times, while the portion set aside for retail investors was picked up 200 times.

The price range for the ₹72.17-crore issuance, which was set at ₹141–151 per share, was announced on February 13 and closed on February 15. It was a whole new share offering. On February 12, the anchor book opened for business. During that day, the company raised ₹22 crore from Chhattisgarh Investments Ltd., Neomile Growth Fund-Series I, and Saint Capital Fund.

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Vibhor Steel Tubes Limited IPO Listing LIVE: Robust listing expected today  | Zee Business

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