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- Vibhor Steel’s IPO received excellent response from investors on day two.
- Investors can bid for a minimum of 99 equity shares and in multiples of 99 equity shares thereafter.
- It has fixed the price band at ₹141 to ₹151 per share and the issue closes on February 15.
The initial public offer (IPO) of Vibhor Steel Tubes Limited was subscribed over 100 times on the second day of the issue. The company’s issue continued to perform well after being subscribed more than 27 times on the first day of the issue.
The issue has seen good participation from non-institutional investors (NIIs), retail investors and employees. Qualified institutional buyers (QIBs) have also subscribed for a decent amount at the end of day two.
The company has fixed the price band at ₹141 to ₹151 per equity share for its maiden public offer which closes 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 | 8.52 |
| Non-institutional Investors | 252.07 |
| Retail | 90.11 |
| Employees | 78.74 |
| Total | 101.3 |
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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