- Vibhor Steel Tubes IPO shares surged by 181.5% on debut, opening at ₹425 on NSE and ₹421 on BSE.
- IPO saw an overwhelming response, with subscription status reaching 298.86 times.
- Grey market premium stands at +140, indicating strong investor interest and anticipation of a robust listing.
Vibhor Steel Tubes made a grand entrance on the stock market today. On the National Stock Exchange (NSE), the company’s shares started at ₹425 each, shooting up by a whopping 181.5% from the initial price of ₹151. Meanwhile, on the Bombay Stock Exchange (BSE), the opening price was ₹421 per share, marking a hefty 178.81% increase from the issue price.
Experts had predicted that Vibhor Steel Tubes shares might debut at around ₹260 to ₹280 per share.
During the three-day subscription period for the Vibhor Steel Tubes IPO, investors showed tremendous interest. On the final day, the subscription status was through the roof, reaching 298.86 times, according to data from the BSE.
Retail investors clamored for shares, subscribing 188.17 times, while non-institutional investors (NII) oversubscribed by a staggering 721.34 times. Qualified Institutional Buyers (QIB) weren’t far behind, subscribing 178.73 times. Even the employee portion saw a subscription of 201.48 times.
The IPO subscription window was from Tuesday, February 13, to Thursday, February 15. The price range for the IPO was set between ₹141 to ₹151 per share, with each lot consisting of 99 shares. Investors could bid for a minimum of 99 shares and multiples thereof.
The Vibhor Steel Tubes IPO, valued at ₹72.17 crore, comprised solely of fresh shares, with no offer-for-sale component.
The funds raised from the IPO will be utilized for general corporate purposes and to support the company’s working capital requirements.
The promoters of Vibhor Steel Tubes are M/s Vijay Kaushik HUF, Vibhor Kaushik, Vijay Laxmi Kaushik, and Vijay Kaushik. Currently, they collectively hold 1,32,46,500 equity shares, which accounts for 93.40% of the company’s pre-issue issued, subscribed, and paid-up equity share capital.
Khambatta Securities Ltd is the sole book running lead manager (BRLM) for the Vibhor Steel Tubes IPO, while KFin Technologies is the registrar to the issue.
In the grey market, the premium for Vibhor Steel Tubes IPO, known as Grey Market Premium (GMP), stood at +140, according to investorgain.com. This indicates that the shares were trading at a premium of ₹140 above the IPO price. Analysts expect a strong listing for the IPO, with an expected listing price of ₹291 per share, based on the upper end of the IPO price band and the current premium in the grey market.
Over the past 14 sessions, the GMP for Vibhor Steel Tubes IPO has been on the rise, with the lowest at ₹110 and the highest at ₹140, as per investorgain.com. The grey market premium reflects investors’ willingness to pay more than the IPO price.