Vibhor Steel Tubes IPO subscribed 320 times with bids worth Rs. 16,211 crore

The Initial Public Offering (IPO) of Haryana-based Vibhor Steel Pipes Limited gets fabulous response from the investors as it records subscription of over 320 times till the last day of the issue. The offering received over 28 lakh applications and bids worth Rs. 16,211 crore from the investors. The retail portion was oversubscribed 201 times, while the subscription of QIBs, NIIs and Employees portion stood at 191, 772 and 215 times, respectively.

Khambatta Securities Limited is the Book Running Lead Manager to the issue, and KFIN Technologies Limited is the Registrar.

The company successfully raised Rs. 21.51 crore from the anchor book subscription on Monday, February 12, 2024. As many as 14,24,907 equity shares have been reserved for the anchor portion, 7,12,503 equity shares for HNIs, 9,50,025 equity shares for QIBs after the anchor, 29,502 equity shares for employees, and the Retail (RII) portion accounts for 16,62,507 equity shares.

The price band for the issue has been fixed at Rs. 141- Rs. 151 per share. The lot size is 99 equity shares. The company is planning to raise approximately Rs. 72.17 crore (at upper band) from the offering and aims to be listed with NSE and BSE. The issue opened today, will close on Thursday, 15th February 2024.

Vibhor Steel Pipes Limited intends to utilise the proceeds from the IPO for working capital requirements and general corporate purposes.

Source : Equity Bulls

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VibhorSteelPipes FundRaising IPO Oversubscription 320Times