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  4. Vibhor Steel Tubes continues impressive run, subscribed nearly 300 times on final day

Vibhor Steel Tubes continues impressive run, subscribed nearly 300 times on final day

Vibhor Steel Tubes continues impressive run, subscribed nearly 300 times on final day
  • Vibhor Steel’s IPO received excellent response from investors on the final day.
  • The minimum lot size for the IPO was 99 equity shares and in multiples of 99 equity shares thereafter.
  • The price band was fixed at ₹141 to ₹151 per share and the issue closed on February 15.
The initial public offer (IPO) of Vibhor Steel Tubes Limited was subscribed nearly 300 times on the final day of the issue. The company’s issue continued to perform well after being subscribed more than 100 times on the second day of the issue.

The issue has seen excellent participation from non-institutional investors (NIIs), retail investors and employees. Qualified institutional buyers (QIBs) have also subscribed for a good amount at the end of day three.

The company has fixed the price band at ₹141 to ₹151 per equity share for its maiden public offer which closed on Thursday, February 15. Investors can bid for a minimum of 99 equity shares and in multiples of 38 equity shares thereafter.

Ahead of the IPO, the company raised ₹21.5 crore from anchor investors.

The public issue of 44.55 lakh shares that have a face value of ₹10 comprises fresh issuance of equity shares worth ₹72.17 crore.

Vibhor Steel Tubes subscription status

Category

No. of times subscribed

Qualified Institutional Buyers

178.73

Non-institutional Investors

721.33

Retail

188.17

Employees

201.48

Total

298.86


The company will use the net proceeds to fund the working capital requirements and for general corporate purposes.

Founded in 2003, Vibhor Steel Tubes is a manufacturer of steel tubes. It manufactures and exports carbon steel, mild steel, ERW black and galvanised pipes, hollow steel pipes and more to various heavy engineering industries in India and ten other countries.

The company has recently signed a six year agreement with Jindal Pipes Limited, under which Jindal Pipes will place an annual order with a minimum quantity of 1 lakh MT. This will fill the major capacity of Units I and II of the company.

At present, the company runs two manufacturing facilities in Raigad, Maharashtra and Mahbubnagar, Telangana. It also has a warehouse in Hisar, Haryana.

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