 "Vibhor Steel Tubes IPO subscribed nearly 300 times on final day of bidding")
The initial share sale of steel pipes manufacturer Vibhor Steel Tubes Ltd subscribed nearly 300 times on the final day on Thursday, driven by overwhelming participation from institutional investors.
The IPO received bids for 1,07,36,25,993 shares against 35,92,445 shares on offer, garnering a 298.86 times subscription, as per NSE data.
The portion for non-institutional investors got subscribed by a whopping 721.34 times, while the quota for retail individual investors (RIIs) received 188.17 times subscription. The category for qualified institutional buyers (QIBs) attracted bids 178.73 times.
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 Haryana-based Vibhor Steel Tubes's initial public offering (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.
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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.