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The scrip was listed at Rs 421, exhibiting a premium of 178.81% to the issue price.
So far, the stock has hit a high of 442 and a low of 421. On the BSE, over 0.97 lakh shares of the company were traded in the counter so far.
The initial public offer (IPO) of Vibhor Steel Tubes was subscribed 298.86 times. The issue opened for bidding on 13 February 2024 and it closed on 15 February 2024. The price band of the IPO was fixed at Rs 141 to 151 per share.
The offer comprised only of fresh issue of equity shares aggregating up to Rs 72.16 crore.
The company proposed to utilize the net proceeds from the fresh issue towards funding working capital requirements of the company amounting Rs 62 crore and balance towards general corporate purpose.
Vibhor Steel Tubes was founded in 2003; is a manufacturer and exporter of mild steel and carbon steel ERW (electric resistance welded) black and galvanized pipes, hallow steel pipe, and cold rolled steel (CR) strips and coils.
The company’s products find application in the construction, domestic, agriculture and the industrial sectors. It operates out of two manufacturing facilities located at Sukheli in Maharashtra and Mehboob Nagar in Telangana.
The firm reported a net profit of Rs 8.52 crore and total income of Rs 530.51 crore for the six months ended on 30 September 2023.
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