Vibhor Steel Tubes IPO Fetches 27.56 Times Subscription On Day 1

Established in 2003, Vibhor Steel Tubes has positioned itself as a reputed manufacturer of high-quality steel tubes and pipes, catering to various heavy engineering industries across India

The proceeds generated from the IPO will be directed towards meeting working capital requirements and general corporate purposes. ( Image Source :Getty )

The initial public offering (IPO) of Vibhor Steel Tubes, a manufacturer of steel pipes and tubes based in Haryana, witnessed a full subscription on its opening day of bidding, on Tuesday. According to data from the National Stock Exchange (NSE), the IPO received an overwhelming response with bids pouring in for 9,89,99,604 shares against the 35,92,445 shares on offer, resulting in a subscription rate of 27.56 times.

Among the different investor categories, the non-institutional investors segment subscribed 48.28 times, while retail individual investors (RIIs) showed significant interest with a subscription rate of 32.39 times. Qualified institutional buyers (QIBs) also participated actively, with their segment getting subscribed 3.56 times.

Vibhor Steel Tubes, on the preceding day, Monday, successfully secured nearly Rs 22 crore from anchor investors.

Vibhor Steel Tubes has set a price band of Rs 141-151 per share for its IPO, which is scheduled to conclude on Thursday, February 15. The IPO comprises a fresh issue of equity shares with a face value of Rs 10 each, aggregating to an issue size of up to Rs 72.17 crore, through the book-building route.

The proceeds generated from the IPO will be directed towards meeting working capital requirements and general corporate purposes.

Established in 2003, Vibhor Steel Tubes has positioned itself as a reputed manufacturer of high-quality steel tubes and pipes, catering to various heavy engineering industries across India.

Khambatta Securities serves as the sole book running lead manager for the IPO, while Kfin Technologies acts as the registrar.

Upon successful completion of the IPO, Vibhor Steel Tubes' shares are set to be listed on both the National Stock Exchange (NSE) and BSE, providing investors with further opportunities for participation in the company's growth trajectory.