Vibhor Steel Tubes garners Rs 22 cr from anchor investors

NewsDrum Desk
New Update

New Delhi, Feb 12 (PTI) Steel pipes and tubes manufacturer Vibhor Steel Tubes has collected nearly Rs 22 crore from anchor investors.

The company has allotted a total of 14.24 lakh equity shares to three entities at Rs 151 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE wesbite on Monday.

The anchor book saw participation from only three investors, Saint Capital Fund, Chhatisgarh Investments Ltd and Neomile Growth Fund - Series I.

The issue with a price band of Rs 141 to Rs 151 per share, will open for public subscription on Tuesday. It will close on Thursday, February 15.

The Haryana-based Vibhor Steel Tubes's initial public offering (IPO) comprises a fresh issue of equity shares with a face value Rs 10 each, aggregating to an issue size of up to Rs 72.17 crore, through book building route.

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

Founded in 2003, Vibhor Steel Tubes is a manufacturer of high-quality steel tubes and pipes that are used in various heavy engineering industries in India.

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

The company's shares will be listed on the National Stock Exchange (NSE) and BSE. PTI HG MR