Sambhv Steel Tubes IPO receives 1.76 times subscription on day 2. Non-institutional investors showed strong interest with 3.12x subscription. IPO closes Friday.
The initial share sale fetched bids for 8,64,61,830 shares against 4,92,06,100 shares on offer, according to data available with the NSE.
Non-institutional investor’s portion subscribed 3.12 times, while the quota for retail individual investors (RIIs) garnered 1.83 times subscription. Qualified institutional buyers (QIBs) part received 61 per cent subscription.
Sambhv Steel Tubes has raised Rs 161.25 crore from anchor investors.
The Rs 540-crore IPO will conclude on Friday. The price band for the IPO has been fixed at 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.
