NEW DELHI: Vibhor Steel Tubes, manufacturer of steel pipes listed with premium of 181 percent against its issue price of Rs 151 at Indian bourses on Tuesday.
On the NSE, the stock commenced trading at Rs 425, a surge of 181.46 percent from the issue price. Similarly, on the BSE, shares of Vibhor Steel Tubes began trading at Rs 421, marking an increase of 178.81 percent.
The stock reached Rs 442 apiece on the BSE, an increase of 192.72 percent from the issue price. Company’s market valuation in the morning trade stood at Rs 838.14 crore on the BSE.
Sensex, during morning trade rose by 88.40 points or 0.12 percent to 72,796.56, while Nifty recorded a marginal increase of 15 points to reach 22,122.10.
Last week, Vibhor Steel Tubes’ initial public offering (IPO) subscriptions reached nearly 300 times on the final day, driven primarily by institutional investors.
Headquartered in Haryana, Vibhor Steel Tubes Ltd (VSTL) offered a fresh issue of equity shares with a face value of Rs 10 each, totaling up to Rs 72.17 crore through the book-building route.
Established in 2003, Vibhor Steel Tubes specializes in manufacturing high-quality steel tubes and pipes, catering to various heavy engineering industries across India.