Vibhor Steel Tubes IPO Day 1: NIIS Lead with 29x Oversubscription

13 Feb 2024 , 03:47 PM

Vibhor Steel Tubes’ IPO subscription for retail investors opened on February 13, witnessing over 29 million shares bid within two hours, surpassing the offered shares by over eight times. Click here to subscribe the IPO.

The IPO price band is set at ₹141 – 151 to raise ₹72.17 Crore, with the bidding closing on February 15.

The minimum lot size for retail investors is 99 shares, amounting to ₹14,949 at the upper band. The shares will be listed on NSE and BSE. The company raised ₹21.52 Crore from anchor investors by offering 1.4 million shares out of 4.7 million.

On Day 1, the non-institutional investors’ portion was oversubscribed by 29.05 times, QIBs’ portion witnessed 3.45 times subscription, and the retail portion was oversubscribed by 26.57 times, resulting in a total subscription of 20.52 times.

Vibhor Steel Tubes specializes in manufacturing, exporting, and supplying steel pipes and tubes to heavy engineering companies. Its product range includes ERW pipes, galvanized pipes, hollow section pipes, primer painted pipes, and crash barriers.

The net proceeds from the IPO will be utilized for working capital requirements and general corporate purposes. The company emphasizes improving operating efficiencies through technology enhancements to strengthen its competitive position.

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