Vibhor Steel Tubes IPO Day 3: Check Subscription Status, GMP

Vibhor Steel Tubes IPO's bidding process will close today, 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 11:33 am on the final day of bidding, the Vibhor Steel IPO has garnered substantial interest, being oversubscribed by 142.83 times. The retail portion has been booked 121.03 times, while the employees' portion has been subscribed 121.26 times. The Non-Institutional Investor (NII) portion of the Vibhor Steel IPO has been subscribed 373.15 times while the Qualified Institutional Buyers portion was oversubscribed by 8.92 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.

Established in 2003, Vibhor Steel Tubes specializes in the production of premium-grade steel tubes and pipes catering to the needs of heavy engineering industries. Their diverse product range includes ERW pipes designed for water transport, oil, gas, and various other non-toxic applications. Additionally, they manufacture hot-dipped galvanized pipes essential for agricultural and infrastructure purposes. The company also offers a wide range of hollow section pipes available in square and rectangular configurations, along with primer-painted pipes and crash barriers vital for railway, highway, and road infrastructure.

Ahead of its IPO, Vibhor Steel Tubes successfully raised approximately ₹21.52 crore from anchor investors, allocating 14.24 lakh shares at ₹151 per share. Notable 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, around a 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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