Latest News | Sambhv Steel Tubes Rs 540-crore IPO Subscribed 28.46 Times
Get latest articles and stories on Latest News at LatestLY. The initial public offer of Sambhv Steel Tubes Ltd got subscribed 28.46 times on the closing day of bidding on Friday.
New Delhi, Jun 27 (PTI) The initial public offer of Sambhv Steel Tubes Ltd got subscribed 28.46 times on the closing day of bidding on Friday.
The three-day initial share sale received bids for 140,02,39,022 shares against 4,92,06,100 shares on offer, according to NSE data.
Qualified Institutional Buyers (QIBs) portion received 62.32 times subscription while the category for non-institutional investors fetched 31.82 times subscription. Retail Individual Investors (RIIs) part got subscribed 7.99 times.
Sambhv Steel Tubes has raised Rs 161.25 crore from anchor investors.
The price band for the initial public offer (IPO) is Rs 77-82 per share.
The IPO is a mix of fresh issue of equity shares valued at Rs 440 crore and an offer-for-sale (OFS) of shares worth Rs 100 crore by promoters.
Proceeds from the fresh issue will be utilised for payment of debt and general corporate purposes.
Sambhv Steel is one of the key manufacturers of electric resistance welded (ERW) steel pipes and structural tubes (hollow section) in India in terms of installed capacity as of March 31, 2024.
Nuvama Wealth Management and Motilal Oswal Investment Advisors are the book running lead managers to the issue.
Sambhv Steel Tubes' stock is likely to be listed on the BSE and NSE on July 2.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)