IPO
Sambhv Steel Tubes’ IPO subscribed 28.46 times
The initial public offering (IPO) of Noida-based Sambhv Steel Tubes , was subscribed 28.46 times. The issue received bids of 140.02 crore shares against 4.92 crore offered. The shares were issued in the price band of INR 77-82 per share. The IPO was a combination of fresh issuance of equity shares along with an offer for sale.Sambhv Steel had raised INR 161.24 crore from anchor investors last week ahead of its IPO.The net proceeds from the issue will be mainly used by the company for repayment of certain outstanding borrowings amounting INR 390 crore.Sambhv Steel primarily manufactures value-added products such as pre-galvanized (GP) coils, GP pipes, Stainless steel (SS) HRAP (hot rolled annealed and pickled) coils, SS cold rolled (CR) coils at its Kuthrel facility in Chhattisgarh.
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