Vibhor Steel Tubes IPO Day 2: Check Latest Subscription Status, GMP

Vibhor Steel Tubes IPO's bidding process will close on February 15, 2024. The steel pipe manufacturer has set the IPO price band at ₹141 to ₹151 per equity share.

Vibhor Steel Tubes IPO Subscription Status

As of 11:12 am on the second day of bidding, the Vibhor Steel IPO has garnered substantial interest, being oversubscribed by 42.52 times. The retail portion has been booked 48.65 times, while the employees' portion has been subscribed 44..81 times. The Non-Institutional Investor (NII) portion of the Vibhor Steel IPO has been subscribed 80.03 times while the Qualified Institutional Buyers portion was oversubscribed by 3.60 times.

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Vibhor Steel Tubes IPO Details

The book build issue will be listed on both the BSE and NSE, with the company aiming to raise ₹72.17 crore through the issuance of fresh shares.

Founded in 2003, Vibhor Steel Tubes specialises in producing top-quality steel tubes and pipes for heavy engineering industries. Their offerings encompass ERW pipes for water transport, oil, gas, and other non-toxic supplies, as well as hot-dipped galvanized pipes for agricultural and infrastructure applications. Additionally, they manufacture hollow section pipes in square and rectangular shapes, primer-painted pipes, and crash barriers for railways, highways, and roads.

Prior to the IPO, Vibhor Steel Tubes raised approximately ₹21.52 crore from anchor investors, allocating 14.24 lakh shares at ₹151 apiece. The anchor investors include Saint Capital Fund, Chhattisgarh Investments Ltd, and Neomile Growth Fund – Series I.

Vibhor Steel Tubes IPO GMP

Vibhor Steel IPO GMP is currently reported at ₹110. It is a slight decline from the ₹120 reported on February 13, when the IPO opened for bidding. Taking the upper price band into consideration, shares of the company could list at ₹261, an around 73% premium over the IPO price. It's important to note that while IPO GMPs can offer a glimpse into market sentiment regarding an IPO, they shouldn't be the sole determinant of the stock's performance upon listing.

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