June 26 (PTI) On Thursday, the second day of bidding, Sambhv Steel Tubes’ first public offering was 1.76 times subscribed.
Sambhv Steel IPO Receives Strong Response, Oversubscription Confirmed
Data from the NSE shows that 8,64,61,830 shares were bid on in the first share auction, compared to 4,92,06,100 shares that were up for grabs.
The retail individual investor (RII) quota received 1.83 times subscriptions, but the non-institutional investor part received 3.12 times. Sixty-one percent of the subscriptions were from qualified institutional buyers (QIBs).
Anchor investors have contributed Rs 161.25 crore to Sambhv Steel Tubes.
On Friday, the IPO worth Rs 540 crore will come to an end. The IPO’s price range has been set at Rs 77–82 per share.
The IPO consists of a combination of the founders’ offer-for-sale (OFS) of shares priced at Rs 100 crore and the new issue of equity shares valued at Rs 440 crore.
The money raised from the new issuance will be used for both regular business needs and debt repayment.
As of March 31, 2024, Sambhv Steel was among India’s leading producers of hollow section structural tubes and electric resistance welded (ERW) steel pipes in terms of installed capacity.
The issue’s book-running lead managers are Motilal Oswal Investment Advisors and Nuvama Wealth Management.
On July 2, Sambhv Steel Tubes’ stock is probably going to be launched on the BSE and NSE.
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