Sambhv Steel Tubes' Strong IPO Start: A Detailed Overview
Sambhv Steel Tubes Ltd's initial public offering (IPO) received 60% subscription on its first day. The company raised Rs 161.25 crore from anchor investors for its Rs 540-crore IPO, priced between Rs 77-82 per share. Proceeds are aimed at debt repayment and corporate use. Listing is expected on July 2.
- Country:
- India
Sambhv Steel Tubes Ltd's initial public offering (IPO) made a strong start on its debut day, achieving a 60% subscription rate. This substantial interest was reflected in bids for nearly 3 crore shares versus the 4.92 crore shares available, according to data from the National Stock Exchange (NSE).
On the first day, non-institutional investor subscriptions reached 68%, while the allocation for Qualified Institutional Buyers (QIBs) was subscribed at 60%. Meanwhile, Retail Individual Investors (RIIs) subscribed to 57% of their allotted portion. The IPO, valued at Rs 540 crore, includes a fresh equity package worth Rs 440 crore and an offer-for-sale (OFS) by promoters at Rs 100 crore.
The primary objective of the fresh issue is to service existing debts and fund general corporate activities. Investment advisers Nuvama Wealth Management and Motilal Oswal are managing the book-running process. The stock is anticipated to list on the Bombay Stock Exchange (BSE) and NSE on July 2, post the IPO's closure on June 27.
(With inputs from agencies.)
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