The ₹72.18 crore initial public offering (IPO) of Vibhor Steel Tubes has received bids worth ₹16,211.36 crore. The IPO, which closed on Thursday, saw an overwhelming response from all categories of investors and was subscribed 298.86 times.
Vibhor Steel Tubes, which supplies its products to Jindal Pipes, received bids for 107.36 crore shares against 35.92 lakh shares on offer (net-off anchor position). The entire issue of the firm is a fresh issue that will go to the Haryana-based company. lifting shackle
The steel pipes and tubes manufacturer came out with a price band of ₹141-151.
While the QIB portion was subscribed 178.73 times, retail investors thronged to the issue as the portion reserved for them received from bids 188.17 times while NIIs quota witnessed a humungous participation of 721.33 times. The company, which reserved 31,595 shares for employees, saw the portion receiving bids for 201.48 times.
As part of the IPO, Vibhor Steel Tubes had raised about ₹21.52 crore from anchor investors by allotting 14.24 lakh shares to three entities at ₹151 apiece. The anchor investors are Saint Capital Fund, Chhattisgarh Investments Ltd and Neomile Growth Fund - Series I.
Proceeds from the issue will be used for working capital requirements and general corporate purposes.
Founded in 2003, Vibhor Steel Tubes is a manufacturer of high-quality steel tubes and pipes that are used in heavy engineering industries. The company’s product portfolio comprises ERW pipes for application in water transport, oil, gas and other non-toxic supplies; hot-dipped galvanised pipes for application in agriculture and infrastructure; hollow section pipes in square and rectangular forms; primer-painted pipes and crash barriers in railways, highways and roads.
Khambatta Securities is the sole book-running lead manager, and Kfin Technologies is the registrar of the IPO. The company’s shares will be listed on the National Stock Exchange and BSE.
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