Vibhor Steel Tubes IPO is set to debut on the stock market tomorrow amid high anticipation from investors.
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The Initial Public Offering (IPO) of Vibhor Steel Tubes amounts to Rs 72.17 crores, and it’s solely a fresh issue, meaning the company will raise capital by issuing new shares.
The IPO bidding for Vibhor Steel Tubes started on February 13, 2024, and concluded on February 15, 2024. The allotment process was finalised on Friday, February 16, 2024.
The company is scheduled to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Tuesday, February 20, 2024.
Subscription status for Vibhor Steel Tubes IPO
The subscription status for Vibhor Steel Tubes IPO indicates overwhelming demand, with the issue being oversubscribed by 320.05 times. The retail category saw a subscription of 201.52 times, while the QIB category was oversubscribed by 191.41 times, and the NII category witnessed an oversubscription of 772.49 times by February 15, 2024.
Latest GMP for Vibhor Steel Tubes IPO
The Grey Market Premium (GMP) for Vibhor Steel Tubes IPO stands at Rs 140 as of February 19, 2024, 10:24 AM. Based on the price band of Rs 151.00, the estimated listing price for Vibhor Steel Tubes IPO is Rs 291, considering the current GMP. This implies an expected percentage gain of 92.72 per cent per share.
“Vibhor Steel Tubes Limited, set for its stock market debut tomorrow, is eagerly awaited by investors,” said Shivani Nyati, Head of Wealth at Swastika Investmart Ltd.
Nyati highlighted the IPO’s overwhelming response, with an oversubscription of 320 times, and a Grey Market Premium (GMP) currently soaring at Rs 140 above the issue price of Rs 151.
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“This excitement paints a positive picture for Vibhor Steel Tubes’ first day on the exchange,” she added.
Nyati pointed out several factors contributing to the anticipated robust listing, including the company’s diverse product portfolio catering to various sectors, its well-established distribution network across India ensuring product accessibility, and its solid track record of financial performance.
“With its strong fundamentals, extensive reach, and surging investor confidence, the company is poised for a strong market entry and potentially significant listing gains,” said Niyati.
Key details
Investors had the opportunity to subscribe to the IPO within a price band of Rs 141 to Rs 151 per share. The minimum lot size for an application was set at 99 shares, requiring a minimum investment of Rs 14,949 for retail investors. For Non-Institutional Investors (NII), the minimum lot size investment was 14 lots (1,386 shares), amounting to Rs 209,286, while for Qualified Institutional Buyers (QIB), it stood at 67 lots (6,633 shares), equivalent to Rs 1,001,583.
Khambatta Securities Limited acted as the book running lead manager for the IPO, with Kfin Technologies Limited serving as the registrar.
Investors and market experts are eagerly anticipating Vibhor Steel Tubes’ market debut, given its exceptional subscription numbers and the steadily increasing GMP.
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The company, known for manufacturing and distributing metal pipes and tubes, is poised for a strong entry into the stock market. Its diverse product portfolio, extensive distribution network, and robust financial performance contribute to investor confidence, suggesting the potential for significant listing gains.
