Vibhor Steel Tubes IPO gets subscribed within 30 minutes of opening

The Initial Public Offering (IPO) of Haryana-based Vibhor Steel Pipes Limited was subscribed within the first 30 minutes of issue opening today. By 11:55 am, the issue received 157,000+ applications and bids worth Rs. 400 crore from the investors. The retail portion was oversubscribed 12 times, while the Employees and NIIs portion stood at 12 and 9 times, respectively.

Khambatta Securities Limited is the Book Running Lead Manager. The issue further builds on the success achieved by EMS Limited IPO in Late 2023 for the BRLM. KFIN Technologies Limited is the Registrar to the Issue.

The company successfully raised Rs. 21.51 crore from the anchor book subscription on Monday, February 12, 2024. As many as 14,24,907 equity shares have been reserved for the anchor portion, 7,12,503 equity shares for HNIs, 9,50,025 equity shares for QIBs after the anchor, 29,502 equity shares for employees, and the Retail (RII) portion accounts for 16,62,507 equity shares.

The price band for the issue has been fixed at Rs. 141 - Rs. 151 per share. The lot size is 99 equity shares. The company is planning to raise approximately Rs. 72.17 crore (at upper band) from the offering and aims to be listed with NSE and BSE. The issue opened today, will close on Thursday, 15th February 2024.

Vibhor Steel Pipes Limited intends to utilise the proceeds from the IPO for working capital requirements and general corporate purposes.

Source : Equity Bulls

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VibhorSteelPipes IPO FundRaising Subscription FUllySubscribed