Vibhor Steel Tubes Secures ₹22 Crore Ahead of IPO via Anchor Investors

13 Feb 2024 , 09:20 AM

Steel pipes and tubes manufacturer Vibhor Steel Tubes has successfully raised nearly ₹22 Crore from anchor investors ahead of its initial public offering (IPO). The company allotted a total of 14.24 lakh equity shares to three entities at ₹151 per share, which is at the upper end of the price band, as per information disclosed in a circular uploaded on the BSE website on Monday.

Participation in the anchor book was limited to three investors, namely Saint Capital Fund, Chhatisgarh Investments Ltd, and Neomile Growth Fund – Series I. Vibhor Steel Tubes’ IPO, with a price band of Rs 141 to Rs 151 per share, is set to open for public subscription on Tuesday and will close on Thursday, February 15.

Based in Haryana, Vibhor Steel Tubes’ IPO consists of a fresh issue of equity shares with a face value of Rs 10 each, amounting to an issue size of up to ₹72.17 crore through the book-building route. The funds raised from the IPO will be utilized for meeting working capital requirements and general corporate purposes.

Established in 2003, Vibhor Steel Tubes specializes in manufacturing high-quality steel tubes and pipes used across various heavy engineering industries in India. Khambatta Securities is the sole book running lead manager for the IPO, while Kfin Technologies is the registrar to the issue.

Upon listing, Vibhor Steel Tubes’ shares will be available for trading on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).