Sambhv Steel Tubes made its entry into the stock market today, listing at a premium of 34% over its issue price. On the BSE, the shares opened at Rs 110, up from the IPO price of Rs 82. Similarly, on the NSE, the stock debuted at Rs 110.10.
Sambhv Steel Tubes IPO: Grey market before listing
Ahead of its listing, the Sambhav Steel Tubes shares were trading at a premium of Rs 14 in the grey market. This implied a potential listing price of around Rs 96, approximately 17% higher than the upper end of the price band.
Sambhv Steel Tubes IPO: From bidding to allotment snapshot
The Rs 540 crore IPO of Sambhv Steel Tubes was open for subscription from June 25 to June 27. The price band of the issue was set between the range of Rs 77 to Rs 82 per share.
A mainboard issue, the offering included a fresh issue worth Rs 440 crore and an offer-for-sale (OFS) component of Rs 100 crore from existing promoters.
Furthermore, after its three-days bidding process, the allotment of shares was finalised on June 30, with shares being credited to successful applicants demat accounts on July 1. Refunds for unsuccessful applicants are also being processed.
Sambhv Steel Tubes IPO: Who subscribed and by how much?
On the final day, the issue was subscribed 28.46 times overall. The Qualified Institutional Buyers (QIBs) led the charge with a 62.32 times subscription.
The Non-Institutional Investors (NIIs) portion followed next with 31.82 times. In a similar note, the retail investors received a subscription rate of 7.99 times to their portion. Even the employee quota, reserved up to Rs 25 million worth of shares, was booked 7.99 times.
Sambhv Steel Tubes IPO: Key players behind the issue
Nuvama Wealth Management is serving as the Book-Running Lead Manager (BRLM) for the Sambhv Steel Tubes IPO. Meanwhile, Kfin Technologies Limited has been appointed as the registrar for the issue, responsible for managing the application process, share allotments, and refunds.