Vibhor Steel Tubes IPO is poised for its market debut tomorrow amid keen anticipation from investors. The IPO, valued at Rs 72.17 crores, consists solely of fresh issues, indicating the company's intent to raise capital by issuing new shares. Bidding for the IPO commenced on February 13, 2024, and concluded on February 15, 2024, with the allotment process finalized on Friday, February 16, 2024. The company is scheduled to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Tuesday, February 20, 2024.
Subscription status reveals robust demand for the Vibhor Steel Tubes IPO, with oversubscription reaching a staggering 320.05 times. Notably, the retail category witnessed a subscription of 201.52 times, while the Qualified Institutional Buyers (QIB) category was oversubscribed by 191.41 times, and the Non-Institutional Investors (NII) category observed an oversubscription of 772.49 times by February 15, 2024.
As of February 19, 2024, the Grey Market Premium (GMP) for Vibhor Steel Tubes IPO stands at Rs 140, indicating strong investor interest. Based on the price band of Rs 151.00, the estimated listing price for the IPO is Rs 291, considering the current GMP. This implies an expected percentage gain of 92.72 percent per share.
Shivani Nyati, Head of Wealth at Swastika Investmart Ltd., expressed optimism regarding Vibhor Steel Tubes' market debut, citing its overwhelming response during the IPO subscription phase and the significant Grey Market Premium. Nyati highlighted the company's diverse product portfolio catering to various sectors, its well-established distribution network across India, and its strong track record of financial performance as factors contributing to the anticipated robust listing.
"With its strong fundamentals, extensive reach, and surging investor confidence, the company is poised for a strong market entry and potentially significant listing gains," remarked Nyati, underscoring the positive outlook for Vibhor Steel Tubes' debut on the exchange.
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