Sambhv Steel Tubes' IPO Skyrockets with 28.46x Subscription

Sambhv Steel Tubes' IPO received overwhelming interest, getting subscribed 28.46 times. With high demand from institutional and retail investors, the company raised Rs 161.25 crore from anchor investors. The proceeds will be used to reduce debt and support corporate objectives. Listing is expected on BSE and NSE on July 2.

Sambhv Steel Tubes Ltd experienced an overwhelming response to its initial public offering (IPO), as the three-day sale concluded with a subscription rate of 28.46 times on Friday. According to NSE data, bids were placed for 140,02,39,022 shares, well above the 4,92,06,100 shares initially on offer.

The IPO witnessed significant interest from Qualified Institutional Buyers (QIBs), which saw a subscription rate of 62.32 times, followed by non-institutional investors at 31.82 times. Retail investors also participated actively, with a subscription rate of 7.99 times. The company successfully raised Rs 161.25 crore through anchor investors at a price band set between Rs 77 and Rs 82 per share.

This IPO consists of a fresh issuance valued at Rs 440 crore and an offer-for-sale of Rs 100 crore by promoters. The funds from the new equity shares are earmarked to repay debt and serve general corporate purposes. The company's share is set to be listed on the BSE and NSE on July 2, with Nuvama Wealth Management and Motilal Oswal Investment Advisors leading the initiative.

(With inputs from agencies.)