Dream stock market debut for Vibhor Steel Tubes; shares zoom 181 pc

| | New Delhi
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Dream stock market debut for Vibhor Steel Tubes; shares zoom 181 pc

Tuesday, 20 February 2024 | PTI | New Delhi

Dream stock market debut for Vibhor Steel Tubes; shares zoom 181 pc

Shares of steel pipe manufacturer Vibhor Steel Tubes listed with a huge premium of 181 per cent on stock exchanges on Tuesday against the issue price of Rs 151.

The stock made its debut at Rs 425, climbing 181.46 per cent from the issue price on the NSE.

On the BSE, shares of Vibhor Steel Tubes made its debut at Rs 421, reflecting a rally of 178.81 per cent from the issue price.

It further zoomed 192.72 per cent to Rs 442 apiece on the bourse.

In the morning trade, the company's market valuation stood at Rs 838.14 crore on the BSE.

In the morning session, the 30-share BSE Sensex benchmark rose 88.40 points or 0.12 per cent to 72,796.56, while NSE Nifty is marginally higher by 15 points to 22,122.10.

Last week, Vibhor Steel Tubes' IPO was subscribed nearly 300 times on the final day, driven by overwhelming participation from institutional investors.

The Haryana-based Vibhor Steel Tubes's initial public offering (IPO) comprised a fresh issue of equity shares with a face value of Rs 10 each, aggregating to an issue size of up to Rs 72.17 crore through the book-building route.

Proceeds from the issue will be utilised by the company for working capital requirements and general corporate purposes.

Founded in 2003, Vibhor Steel Tubes Ltd (VSTL) is a manufacturer of high-quality steel tubes and pipes that are used in various heavy engineering industries in India.

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