New Delhi: It’s a very good morning for individuals who have subscribed to preliminary public choices of Vibhor Steel Tubes, and have been fortunate sufficient to have gotten the inventory allotted towards their names, as the corporate on Tuesday made its dream inventory market debut with a bumper 182 per cent premium over its concern worth.
Last week, Vibhor Steel Tubes’ public concern was subscribed almost 300 occasions on the ultimate day, pushed by overwhelming participation from institutional buyers. The preliminary public providing (IPO) of Haryana-based Vibhor Steel Pipes Limited was absolutely subscribed throughout the first half-hour of its opening on February 13.
The firm’s shares on Indian inventory exchanges are listed at Rs 425 towards its concern worth of Rs 151. It rose additional to commerce at Rs 446.25 at 12.28 pm.
The worth band for the problem was fastened at Rs 141-151 per share. Rather a lot measurement was equal to 99 fairness shares.
The firm deliberate to boost roughly Rs 72.17 crore (at higher band) from the providing and goals to be listed with NSE and BSE. Initial public providing (IPO) refers back to the course of the place corporations promote their shares to the general public to boost fairness capital from the buyers.
Shivani Nyati, Head of Wealth, Swastika Investmart Ltd, stated Vibhor Steel Tubes defied even probably the most optimistic predictions, recording an outstanding 182 per cent acquire on its itemizing day.
“This unprecedented performance vastly exceeds the previously anticipated surge, fueled by the company’s strong fundamentals and the overwhelming investor response. Boasting a diverse product portfolio, an established distribution network, and consistent financial performance, Vibhor Steel Tubes possesses a solid foundation for growth,” Nyati stated.
“Despite the strong listing, the high valuation could pose potential risks in the long term. Thus, this listing is the right time for investors to exit their holdings; however, those who still want to hold are suggested to keep stoploss at around 380,” she added.
Vibhor Steel Pipes Limited meant to utilise the proceeds from the IPO for working capital necessities and common company functions.
Source: zeenews.india.com
