- By Aditya Pratap Singh
- Tue, 20 Feb 2024 11:47 AM (IST)
- Source:PTI
Vibhor Steel IPO Listing: Shares of steel pipe maker Vibhor Steel Tubes on Tuesday listed in the stock market at a huge premium of 181 per cent against their issue price of Rs 151.
The share opened at Rs 425, up 181.46 per cent from the issue price on the NSE. On the BSE, shares of Vibor Steel Tubes opened at Rs 421, up 178.81 per cent from the issue price. The company's market capitalization on BSE stood at Rs 838.14 crore in morning trading.
In the morning session at around 11:37 am, the 30-share benchmark BSE Sensex rose, and the NSE Nifty 50 were trading almost flat. Nifty 50 was at 22125, up by 0.01% and Sensex was at 72,822, up by 0.14%.
Last week, Vibhor Steel Tubes' IPO was oversubscribed nearly 300 times on the last day, driven by heavy participation from institutional investors.
Haryana-based Vaibhor Steel Tubes' Initial Public Offer (IPO) raised Rs. 72.17 crores to the issue volume. The Company will use the proceeds of the issue for working capital requirements and general corporate purposes.
Established in 2003, Vibhor Steel Tubes Limited (VSTL) manufactures high-quality steel tubes and pipes used in various heavy engineering industries in India.
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