 "Vibhor Steel Tubes IPO garners 27.56 times subscription on Day 1 of offer")
The initial public offer of steel pipes and tubes manufacturer Vibhor Steel Tubes got fully subscribed on the first day of bidding on Tuesday.
The IPO received bids for 98,999,604 shares against 3,592,445 shares on offer, garnering a 27.56 times subscription, as per NSE data.
The portion for non-institutional investors subscribed 48.28 times, while the quota for retail individual investors (RIIs) received 32.39 times subscription. The category for qualified institutional buyers (QIBs) got 3.56 times subscription.
On Monday, Vibhor Steel Tubes collected nearly Rs 22 crore from anchor investors.
The price band has been fixed at Rs 141-151 per share. The IPO will close on Thursday, February 15.
The Haryana-based Vibhor Steel Tubes's initial public offering (IPO) comprises a fresh issue of equity shares with a face value Rs 10 each, aggregating to an issue size of up to Rs 72.17 crore, through book building route.
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Proceeds from the issue will be utilised 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 various heavy engineering industries in India.
Khambatta Securities is the sole book running lead manager, and Kfin Technologies is the registrar to the IPO.
The company's shares will be listed on the National Stock Exchange (NSE) and BSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)