Active Stocks
Fri Mar 01 2024 15:59:51
  1. Tata Steel share price
  2. 150.00 6.46%
  1. State Bank Of India share price
  2. 769.30 2.67%
  1. Tata Motors share price
  2. 977.20 2.78%
  1. ITC share price
  2. 409.50 0.74%
  1. ICICI Bank share price
  2. 1,086.90 3.18%
Business News/ Markets / Stock Markets/  Vibhor Steel Tubes raises 21 crore from anchor investors ahead of IPO
BackBack

Vibhor Steel Tubes raises ₹21 crore from anchor investors ahead of IPO

The company allocated 14,24,907 equity shares at a price of ₹151 per share to its anchor investors.

Vibhor Steel Tubes IPO opens for subscription on February 13 and will close on February 15. (Photo: Company Website)Premium
Vibhor Steel Tubes IPO opens for subscription on February 13 and will close on February 15. (Photo: Company Website)

Steel pipes and tubes manufacturer Vibhor Steel Tubes on Monday said that it has raised over 21.5 crore from anchor investors a day ahead of its initial public offering (IPO).

The anchor book round saw participation of only three investors - Saint Capital Fund, Chhatisgarh Investments Limited and Neomile Growth Fund - Series I.

Also read: Vibhor Steel Tubes IPO: Check issue dates, price band, GMP, among 10 key things to know

The company allocated 14,24,907 equity shares at a price of 151 per share to its anchor investors. "The IPO Committee of the Company, vide their resolution dated February 12, 2024 in consultation with the Book Running Lead Manager to the Offer, has finalized allocation of 14,24,907 Equity Shares, to Anchor Investors at Anchor Investor allocation price of Rs. 151.00 per Equity Share (including share premium of Rs. 141.00 per Equity Share)," said Vibhor Steel Tubes in an exchange filing.

It further added, “Out of the total allocation of 14,24,907 equity shares to the Anchor Investors, Nil equity shares (i.e. nil% of the total allocation to Anchor Investors) were allocated to domestic mutual funds through a total of nil schemes."

Vibhor Steel Tubes 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.

Vibhor Steel Tubes IPO price band has been fixed at  <span class='webrupee'>₹</span>141 to  <span class='webrupee'>₹</span>151 per share. 
View Full Image
Vibhor Steel Tubes IPO price band has been fixed at 141 to 151 per share. 

The IPO price band has been fixed at 141 to 151 per share. The minimum lot size for the IPO application is 99 shares. The minimum investment amount required by retail investors is 14,949.

The company proposes to utilise the net proceeds from the issue to fund working capital requirements and general corporate purposes.

In the Vibhor Steel Tubes IPO, 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).

Also read: Interiors and More IPO announces price band at 216-227 apiece; check issue details, key dates, more

Founded in 2003, Vibhor Steel Tubes 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, whereas, Kfin Technologies Ltd is the registrar of the Vibhor Steel Tubes IPO.

 

 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 12 Feb 2024, 08:40 PM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App