Vibhor Steel Tubes Soars 181% on Debut, Listed at ₹425 on NSE

20 Feb 2024 , 09:50 AM

Vibhor Steel Tubes made a remarkable debut on the stock exchanges, with its shares opening at a significant premium. On the NSE, the shares debuted at ₹425, marking a staggering 181.46% increase from the IPO price of ₹151. Similarly, on the BSE, the shares opened at ₹421, reflecting an impressive 178.81% surge from the issue price.

The overwhelming response from investors was evident as Vibhor Steel received a phenomenal subscription of 298.8 times for its IPO. This robust demand was observed across all investor categories, with the NII portion oversubscribed by an astonishing 721 times, followed by retail investors at 188 times and QIBs at 178 times.

The proceeds generated from the fresh issue will be channeled towards fulfilling the company’s working capital requirements and for general corporate purposes. Khambatta Securities served as the book-running lead manager to the IPO, while Kfin Technologies assumed the role of registrar.

Vibhor Steel Tubes specializes in the manufacturing and export of mild steel/carbon steel ERW black and galvanized pipes, hollow steel pipes, and cold-rolled steel strips/coils. The company has established a long-term agreement spanning six years with Jindal Pipes. With manufacturing facilities located in Raigad, Maharashtra, and Mahabubnagar, Telangana, along with a warehouse in Haryana’s Hisar, Vibhor Steel is strategically positioned to meet the growing demands of its customers.