Vibhor Steel Tubes IPO oversubscribed 8x in 30 minutes
The IPO, which includes a fresh issue of Equity Shares with a face value of Rs. 10, aims to raise Rs. 72.17 crore
image for illustrative purpose
Mumbai: Within just 30 minutes of opening, the Initial Public Offering (IPO) of Vibhor Steel Pipes Limited, based in Haryana, witnessed an overwhelming response from investors, with subscriptions exceeding 8 times the offered shares. By 11:55 AM, the IPO drew over 150,000 applications and bids amounting to Rs. 400 crore.
The IPO, which includes a fresh issue of Equity Shares with a face value of Rs. 10, aims to raise Rs. 72.17 crore through a book-building route. The net proceeds from the issue will be utilized for working capital requirements and general corporate purposes.
Khambatta Securities Limited is the sole Book Running Lead Manager to the Offer, overseeing the process, while KFIN Technologies Limited is appointed as the Registrar. The issue, open for subscription from today, will close on Thursday, February 15, 2024.
The company has already garnered Rs. 21.51 crore from the anchor book subscription on February 12, 2024. Notably, the issue has witnessed strong interest across various investor segments, with the retail portion oversubscribed 12 times, and the Employees and Non-Institutional Investors (NIIs) portion oversubscribed by 12 and 9 times, respectively.
With a price band set at Rs. 141– Rs. 151 per share and a lot size of 99 equity shares, Vibhor Steel Pipes Limited aims to be listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The company's IPO underscores investor confidence and the growing appetite for opportunities in the steel sector.
