IPO
Vibhor Steel Tubes’ Rs.72- Cr IPO gets 299 times bids
The INR 72.18 crore initial public offering (IPO) of Haryana-based Vibhor Steel Tubes has received bids worth INR 16,211.36 crore, translating to an oversubscription of 298.86 times.Vibhor Steel Tubes, which supplies its products to Jindal Pipes, received bids for 107.36 crore shares against 35.92 lakh shares on offer (net-off anchor position). The steel pipes and tubes manufacturer came out with a price band of INR 141-151. As part of the IPO, Vibhor Steel Tubes had raised about INR 21.52 crore from anchor investors by allotting 14.24 lakh shares to three entities at INR 151 apiece. The anchor investors are Saint Capital Fund, Chhattisgarh Investments Ltd and Neomile Growth Fund - Series I.Proceeds from the issue will be used for working capital requirements and general corporate purposes. Khambatta Securities is the sole book-running lead manager to the IPO.
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