Vibhor Steel Tubes, a manufacturer of steel pipes and tubes, has successfully raised over ₹21.5 crore from anchor investors just a day before its initial public offering (IPO). The anchor book round saw participation from three investors – Saint Capital Fund, Chhatisgarh Investments Limited, and Neomile Growth Fund – Series I. The company allocated 14,24,907 equity shares at a price of ₹151 per share to its anchor investors, as per an exchange filing.
The IPO will open for subscription on February 13, 2024, and close on February 15, 2024. It is a book-built issue worth ₹72.17 crore and is entirely a fresh issue. The IPO price band has been fixed at ₹141 to ₹151 per share with a minimum lot size of 99 shares. Vibhor Steel Tubes aims to utilize the net proceeds from the IPO to fund working capital requirements and general corporate purposes.
Up to 50% of the net offer is reserved for Qualified Institutional Buyers (QIB), 35% for Retail Investors, and 15% for Non-Institutional Investors (NII). The company was founded in 2003 and is a manufacturer and exporter of steel pipes and tubes to various heavy engineering industries in India. Khambatta Securities Ltd is the book running lead manager, and Kfin Technologies Ltd is the registrar of the Vibhor Steel Tubes IPO.
The successful anchoring of funds and the upcoming IPO reflect the company’s growth and expansion plans in the steel pipes and tubes industry. With key dates and price band now set, the IPO is expected to attract a wide range of investors seeking opportunities in the manufacturing sector. Stay tuned for more updates on Vibhor Steel Tubes’ IPO.
