Vibhor Steel Tubes IPO gets subscribed within minutes of opening

New Delhi [India], February 13 : The initial public offering (IPO) of Haryana-based Vibhor Steel Pipes Limited was fully subscribed to within the first 30 minutes of its opening on Tuesday.
By 11:55 am, the issue received 157,000+ applications and bids worth Rs 400 crore from the investors, the company said in a release. The retail portion was oversubscribed 12 times, while the employees and non-institutional investors (NIIs) portion stood at 12 and 9 times, respectively.
The company successfully raised Rs 21.51 crore from the anchor book subscription on Monday. As many as 14,24,907 equity shares have been reserved for the anchor portion, 7,12,503 equity shares for high net-worth individuals, 9,50,025 equity shares for qualified institutional buyerss (QIBs) after the anchor, 29,502 equity shares for employees, and the retail (RII) portion accounts for 16,62,507 equity shares.
The price band for the issue has been fixed at Rs 141-151 per share. The issue opened today, will close on Thursday.
A lot size is equal to 99 equity shares.
The company is planning to raise approximately Rs. 72.17 crore (at upper band) from the offering and aims to be listed with NSE and BSE. Initial public offering (IPO) refers to the process where companies sell their shares to the public to raise equity capital from the investors.
Vibhor Steel Pipes Limited intends to utilise the proceeds from the IPO for working capital requirements and general corporate purposes.