Discover the incredible story behind the Vibhor Steel Tubes IPO frenzy! With subscription rates soaring to unprecedented levels, investors are on the edge of their seats. Don’t miss out on the chance to be part of this historic opportunity.
Vibhor Steel Tubes IPO
The highly anticipated Vibhor Steel Tubes IPO, which opened for public subscription from February 13 to February 15, is gearing up to finalize its share allotment today, on Friday, February 16. Investors have shown significant interest in the IPO, with subscription levels skyrocketing nearly 300 times on the final day of bidding.
The Vibhor Steel Tubes IPO witnessed overwhelming demand, garnering bids for a staggering 1,07,36,25,993 shares against the 35,92,445 shares on offer, resulting in an impressive subscription rate of 298.86 times. Notably, the non-institutional investor segment saw an exceptional subscription rate of 721.34 times, while retail individual investors (RIIs) subscribed 188.17 times. Qualified institutional buyers (QIBs) also displayed significant interest, with bids reaching 178.73 times the allotted shares.
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Share Allotment Process
Investors eagerly await the finalization of the share allotment process today. Once completed, they will receive bank debit messages. Following this, Vibhor Steel Tubes shares are scheduled to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on February 20.
Vibhor Steel Tubes IPO allotment status by visiting the official BSE website or accessing the KFin Tech portal. They need to select the ‘Equity’ issue type, choose ‘Vibhor Steel Tubes Limited’ from the dropdown menu under ‘Issue Name’, and enter their application number or PAN to view their share application status.
Market observers note that unlisted shares of Vibhor Steel Tubes Ltd are trading at a premium of Rs 130 in the grey market compared to its issue price. This Rs 130 grey market premium reflects an expectation of an 86.09 percent listing gain from the public issue, based on current market sentiments.
Utilization of IPO Proceeds
Vibhor Steel Tubes’ IPO comprises a fresh issue of equity shares with a face value of Rs 10 each, amounting to an issue size of up to Rs 72.17 crore through the book-building route. The price band for the IPO was set at Rs 141-151 per share. The proceeds from the IPO will be utilized for working capital requirements and general corporate purposes.
Bhaarat Bulletin’s Shikha Rai, Bimal Dev, and NSE/BSE have contributed to the above report