Sambhv Steel Tubes Ltd.’s initial public offering has been subscribed 3.31 times on the final day of bidding. The IPO was subscribed 1.76 time on its second day. The total issue size of the IPO is Rs 540 crore, including a fresh issue of Rs 440 crore and an offer for sale by promoters, worth Rs 100 crore.
The price band for Sambhv Steel Tubes IPO is Rs 77-82 apiece. The stock will list on the NSE and BSE, with a tentative date set for July 2. The allotment of shares to IPO investors will occur on Monday, June 30.
The proceeds from the fresh issue of up to Rs 390 crore will be used for prepayment or scheduled repayment of a portion of certain outstanding borrowings, according to the red herring prospectus.
The total borrowings as of December 2024 stood at Rs 619 crore.
IPO Details
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Issue opens: June 25.
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Issue closes: June 27.
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Issue price: Rs 77-82.
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Fresh issue: Rs 440 crore.
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Offer for sale: Rs 100 crore.
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Lot size: Minimum 182 shares.
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Market value at upper end of price band: Rs 2,416 crore.
Business
Incorporated in 2017, Sambhv Steel Tubes is a manufacturer of electric resistance welded steel pipes and structural tubes (hollow section) in India. The company’s manufacturing facility is located in Sarora, Chhattisgarh, whose installed capacity was recently expanded to enable a higher volume of production, thereby enhancing operational efficiency.
Subscription Status: Day Three
Sambhv Steel Tubes IPO has been subscribed 3.32 times on Friday as of 11:24 a.m.
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Qualified Institutions: 0.61 times or 61%.
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Non-Institutional Buyers: 7.56 times.
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Retail Investors: 3.07 times.
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Portion reserved for employees: 1.99 times.
Sambhv Steel Tubes GMP
Sambhv Steel Tubes is likely to deliver strong listing gains, based on the grey market premium. As of 08:32 a.m. on Friday, the GMP stood at Rs 12, indicating a likely listing price of Rs 94 per share. It was Rs 10 on Thursday. The expected percentage gain on listing day is 14.63%, according to Chittorgarh’s unit InvestorGain.
It should be noted that GMP, or grey market price, is not an official price quote for the stock and is based on speculation.
. Read more on IPOs by NDTV Profit.