Vibhor Steel Tubes IPO subscribed 101.30 times

Published on Feb 14, 2024 17:10

The initial public offer (IPO) of Vibhor Steel Tubes received 36,39,20,733 bids for shares as against 35,92,445 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (14 February 2024). The issue was subscribed 101.30 times.

The issue opened for bidding on Tuesday (13 February 2024) and it will close on Thursday (15 February 2024). The price band of the IPO is fixed at Rs 141 to 151 per share. An investor can bid for a minimum of 99 equity shares and in multiples thereof.

The offer comprises only of fresh issue of equity shares aggregating up to Rs 72.16 crore.

The company proposes to utilize the net proceeds from the fresh issue towards funding working capital requirements of the company amounting Rs 62 crore and balance towards general corporate purpose.

Ahead of the IPO, Vibhor Steel Tubes on Monday, 12 February 2024 raised Rs 21.51 crore from anchor investors. The board allotted 14.24 lakh shares at Rs 151 each to 3 anchor investors.

Vibhor Steel Tubes was founded in 2003; is a manufacturer and exporter of mild steel and carbon steel ERW (electric resistance welded) black and galvanized pipes, hallow steel pipe, and cold rolled steel (CR) strips and coils.

The company�s products find application in the construction, domestic, agriculture and the industrial sectors. It operates out of two manufacturing facilities located at Sukheli in Maharashtra and Mehboob Nagar in Telangana.

The firm reported a net profit of Rs 8.52 crore and total income of Rs 530.51 crore for the six months ended on 30 September 2023.