Vibhor Steel Tubes IPO Oversubscribed 145.21 Times on Day 3

15 Feb 2024 , 11:43 AM

Vibhor Steel Tubes IPO bidding to conclude today, offering one last day for primary market investors to apply. The IPO of Vibhor Steel Tubes Limited started on February 13, 2024 and runs until February 15, 2024. The company aims to raise ₹72.17 Crore through fresh shares with a price band of ₹141 to ₹151 per equity share.

The book build issue is set for listing on both BSE and NSE, with IPO allotment expected to be finalized by February 16, 2024. Tentative listing date on both exchanges is February 20, 2024.

At the time of writing, on the third day of bidding, the IPO’s overall subscription increased to 145.21 times, showing continued investor interest. The retail portion further subscribed to 122.53 times, indicating sustained demand from individual investors.

NII portion saw a significant surge, reaching a subscription rate of 380.64 times. QIB segment maintained a steady subscription rate at 9.02 times, reflecting institutional investor interest in the IPO.

Based on the data provided by exchanges, on the second day of trading, non-institutional investors, particularly high net worth individuals, emerged as the most enthusiastic supporters of the issue. They collectively bid a staggering 252.14 times the allotted quota, demonstrating significant interest in the offering.

Meanwhile, retail investors also showcased considerable participation, bidding 90.24 times the portion allocated to them.

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.

For feedback and suggestions, write to us at [e-mail]