Vibhor Steel Tubes IPO Subscribed 101.38 Times On Day 2

Vibhor Steel Tubes Ltd.'s initial public offering ended with a subscription of 101.38 times on the second day.

The offer was subscribed 27.59 times on day one.

The company launched its IPO on Tuesday to raise up to Rs 72.2 crore.

The price band is fixed at Rs 141 to Rs 151 per share. The three-day IPO closes on Thursday.

The IPO comprises a fresh issue of Rs 72.2 crore with no offer-for-sale component. The IPO has a minimum application lot size of 99 shares.

The company has raised Rs 22 crore from anchor investors. It has allocated 14.24 lakh equity shares to three anchor investors at Rs 151 apiece, which is also the upper end of the price band. Saint Capital Fund, Chhattisgarh Investments Ltd. and Neomile Growth Fund - Series I are among participants part of the pre-IPO round fundraising.

Khambatta Securities Ltd. is the sole book running lead manager, and Kfin Technologies Ltd. is the registrar to the IPO.

• Issue opens: Feb. 13.

• Issue closes: Feb. 15.

• Total issue size: Rs 72.2 crore.

• Face value: Rs 10 apiece.

• Fixed price band: Rs 141-151 per share.

• Minimum lot size: 99 shares.

• Listing: NSE and BSE.

Proceeds from the issue will be utilised for working capital requirements and general corporate purposes.

VSTL manufactures steel products like electric resistance welded pipes, hot-dipped galvanised pipes and hollow section pipes.

The company has its plants in Maharashtra, Telangana and Haryana. It will also expand its operations by setting up a manufacturing unit in Odisha, according to the statement.

The company supplies its products to western and southern market companies in Maharashtra, Gujarat, Madhya Pradesh, Telangana, Karnataka and Tamil Nadu.

The IPO was subscribed 101.38 times, as of 5 p.m. on Wednesday.

• Institutional investors: 8.52 times.

• Non-institutional investors: 252.14 times.

• Retail investors: 90.24 times.

• Employee Reserved: 78.91 times.