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Published: February 20, 2024
Updated: February 20, 2024

Vibhor Steel Tubes IPO Makes Sensational Debut, Shares Surge 181.5% on NSE

Vibhor Steel Tubes witnessed an impressive debut on the stock exchanges, with its share price soaring by a staggering 181.5% on the National Stock Exchange (NSE). The monumental listing showcased the market's enthusiasm for the company's prospects and the overwhelming demand from investors.

Stellar Debut:

Vibhor Steel Tubes' share price opened at ₹425 per share on the NSE, marking a remarkable 181.5% premium over the issue price of ₹151. Similarly, on the Bombay Stock Exchange (BSE), the stock opened at ₹421 apiece, reflecting an impressive 178.81% increase.

Market Expectations Exceeded:

Industry experts had anticipated a strong listing for Vibhor Steel Tubes, with projected opening prices ranging from ₹260 to ₹280 per share. However, the actual debut far surpassed these expectations, underscoring the company's appeal to investors.

Unprecedented Investor Response:

The Vibhor Steel Tubes IPO witnessed overwhelming demand during its three-day subscription period. The subscription status on the final day stood at a staggering 298.86 times, with robust participation across all investor categories. Retail investors, non-institutional investors (NII), and qualified institutional buyers (QIB) displayed exceptional interest, subscribing at 188.17 times, 721.34 times, and 178.73 times, respectively.

Offer Details:

The IPO, valued at ₹72.17 crore, comprised solely of fresh issuance of shares, with no offer-for-sale component. The proceeds from the offering are earmarked for general corporate purposes and to bolster the company's working capital requirements.

Management Outlook:

Sailesh C. Mehta, Chairman & Managing Director of Vibhor Steel Tubes, expressed his gratitude for the overwhelming response to the IPO. He emphasized the company's commitment to utilizing the funds efficiently to drive growth and enhance shareholder value.

Grey Market Premium (GMP):

The grey market premium for Vibhor Steel Tubes IPO surged to +140, indicating strong investor appetite and willingness to pay a premium over the issue price. Analysts predict a robust listing for the company, with the expected listing price at ₹291 per share, representing a significant increase from the IPO price. With a successful IPO behind it, Vibhor Steel Tubes is well-positioned to capitalize on emerging opportunities in the market and deliver value to its stakeholders.