Vibhor Steel Tubes Sets IPO Price Band At Rs 141–151 Per Share
The proceeds from the issue will be utilised for working capital requirements and general corporate purposes.
Vibhor Steel Tubes Ltd. has set the price band for its initial public offering at Rs 141 to Rs 151 per share.
The Haryana-based company's IPO will open on Feb. 13 and close on Feb. 15. The IPO comprises fresh issue of up to Rs 72.2 crore, with no offer-for-sale component.
The lot size for the issue is 99 equity shares, and it will be listed on the National Stock Exchange and the BSE. Of the total issue of equity shares, anchor investors will be allotted about 14.24 lakh equity shares, and about 29,500 shares will be reserved for employees.
The proceeds from the issue will be utilised for working capital requirements and general corporate purposes, the company said in a statement on Wednesday.
Khambatta Securities Ltd. is the sole book-running lead manager to the offer and KFIN Technologies Ltd. is the registrar to the offer.
Business
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.
