Sambhv Steel Tubes IPO Sees Robust Demand

Sambhv Steel Tubes' IPO was oversubscribed by 1.76 times by the second day, receiving bids for over 8.6 crore shares against the 4.92 crore on offer. The issue includes a mix of fresh equity shares and an offer-for-sale by promoters. The proceeds will pay off debts and serve corporate purposes.

Sambhv Steel Tubes' initial public offering (IPO) attracted significant attention, being oversubscribed by 1.76 times as of Thursday, the second day of the bidding process.

The IPO received bids for an impressive 8,64,61,830 shares, compared to the 4,92,06,100 shares available, according to the National Stock Exchange (NSE) data.

With a mixed offering of fresh equity shares and shares from promoters, proceeds are aimed at debt repayment and general corporate purposes, reinforcing Sambhv Steel's position in India's ERW steel pipes market.

(With inputs from agencies.)