Vibhor Steel Tubes IPO subscribed 44.91 times on day 2

14 Feb 2024 , 11:37 AM

The initial public offering (IPO) of Vibhor Steel Tubes witnessed impressive subscription levels on the first day of bidding, with significant interest shown by non-institutional and retail investors. Investors collectively bid for 7.20 crore equity shares, which exceeded the offer size of 35.92 lakh shares. To subscribe to the IPO, click here.

By the second day, the shares allocated for retail investors were oversubscribed by a staggering 51.30 times, while the category reserved for High Net Worth Individuals (HNIs) was oversubscribed by 83.40 times. The quota for qualified institutional buyers (QIBs) was oversubscribed 3.61 times. Additionally, the portion reserved for employees was oversubscribed by 47.60 times.

The IPO of Vibhor Steel Tubes, a company engaged in the manufacturing of steel pipes and tube products, opened for subscription on February 13 at a price band of ₹141 to ₹151 per share, with a lot size of 99 equity shares. The IPO comprises a fresh issue of ₹72 crore by the company, with no offer-for-sale component.

Proceeds from the fresh issue will be utilized for the working capital requirements of the company and for general corporate purposes. Khambatta Securities Limited is the sole book-running lead manager to the IPO, while KFIN Technologies Limited is the registrar. The equity shares of the company are proposed to be listed on both NSE and BSE.