Sambhv Steel Tubes Ltd. raised Rs 161 crore from anchor investors on Tuesday ahead of the launch of its initial public offering. The company allotted 1.96 crore shares at Rs 82 apiece to 19 anchor investors, according to an exchange filing.
Major investors comprise WhiteOak Capital Funds, Motilal Oswal, Societe Generale and more.
Motilal Oswal Large Cap Fund netted 18.45% of the allocation, Ashoka India Equity Investment Trust onloaded a 10.46% stake while the WhiteOak Capital funds mopped up nearly 27% of the allocation.
The anchor book has received participation from two domestic institutional investors through six different schemes. Domestic mutual funds mopped up shares worth Rs 54.7 crore of the anchor allocation, or a 33.93% stake.
Sambhv Steel Pupes IPO
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 total issue size is of Rs 540 crore, including a fresh issue of Rs 440 crore and an offer for sale by promoters worth Rs 100 crore.
The IPO will receive bids until Friday, June 27, after which the stock will tentatively list on the NSE and BSE on July 2. The allotment of shares to IPO investors will occur on Monday, June 30.
The price band for Sambhv Steel Tubes IPO is Rs 77-82 apiece.
Sambhv Steel Tubes IPO GMP
The grey market premium of Sambhv Steel Tubes is Rs 5 as of 6:54 p.m., June 24, according to InvestorGain. This implies shares of the company are estimated to list at Rs 87 apiece, indicating a 6.10% premium to the upper end of the price band.
However, it should be noted that GMP, or grey market price, is not an official price quote for the stock and is based on speculation.
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