Sambhv Steel Tubes shares jump over 34 pc in market debut trade

Shares of Sambhv Steel Tubes Ltd got listed with a premium of over 34 per cent against the issue price of Rs 82 on Wednesday.

The stock made its market debut at Rs 110.10, a jump of 34.26 per cent against the issue price on the BSE. It further zoomed 35.23 per cent to Rs 110.89.

At the NSE, the stock listed at Rs 110, up 34.14 per cent.

The company's market valuation stood at Rs 2,966.75 crore.

The Rs 540-crore initial public offer of Sambhv Steel got subscribed 28.46 times on the closing day of bidding on Friday last week.

The price band for the initial public offer (IPO) was Rs 77-82 per share.

The IPO was a mix of fresh issue of equity shares valued at Rs 440 crore and an offer-for-sale (OFS) of shares worth Rs 100 crore by promoters.

Proceeds from the fresh issue will be utilised for payment of debt and general corporate purposes.

Sambhv Steel is one of the key manufacturers of electric resistance welded (ERW) steel pipes and structural tubes (hollow section) in India.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)