On Tuesday, shares of Vibhor Steel Tubes closed 5% or Rs 21.25 higher compared to the listing price of Rs 421. This surge led to an increase in the market capitalization of the company to Rs 846.19 crore on the NSE. A total turnover of Rs 96.63 crore was recorded on the NSE as 22.19 lakh shares of Vibhor Steel Tubes changed hands.
Shares of Vibhor Steel Tubes Ltd surged by an impressive 195% higher than the IPO price on Tuesday. The stock of Vibhor Steel Tubes closed at Rs 446.25, marking a significant increase from the IPO issue price of Rs 151 on the BSE. Additionally, it ended 5% or Rs 21.25 higher against the listing price of Rs 421. This surge propelled the market capitalization of the firm to Rs 846.19 crore on the NSE, with a turnover of Rs 96.63 crore as 22.19 lakh shares changed hands.
On the BSE, Vibhor Steel Tubes shares closed 193% higher at Rs 442 compared to the IPO issue price, resulting in a market cap of Rs 838.14 crore. Turnover on the BSE increased to Rs 4.73 crore, with a total of 1.10 lakh shares of Vibhor Steel Tubes being traded.
In light of the stellar listing, Prashanth Tapse, Senior VP (Research) at Mehta Equities, advised investors to partially book profits. He recommended allotted investors to consider booking partial profits around the Rs 425-450 levels against the issue price of Rs 151.
Shivani Nyati, Head of Wealth at Swastika Investmart, highlighted Vibhor Steel Tubes’ exceptional performance, recording a remarkable 182% gain on its listing day. Nyati attributed this surge to the company’s robust fundamentals and overwhelming investor response. Despite the strong listing, she cautioned that the high valuation could pose potential risks in the long term. Nyati suggested that investors exit their holdings at this listing time, but those who wish to hold should consider keeping a stop loss at around Rs 380.
Vibhor Steel Tubes shares witnessed a remarkable market debut, soaring by 181% to the IPO issue price on Tuesday. The stock opened at Rs 425 on the NSE, significantly higher than the IPO price of Rs 151 per share. Similarly, on the BSE, the stock opened 179% higher at Rs 421. This surge propelled the market capitalization of Vibhor Steel Tubes to Rs 798.32 crore.
The IPO, which ran from February 13 to February 15, had a price band set at Rs 141 to Rs 151 per share. Through the IPO, the company successfully raised Rs 72.17 crore. Prior to the initial share sale, the Haryana-based firm had already raised Rs 21.51 crore from anchor investors.
During the anchor investor phase on February 12, the company raised Rs 22 crore from investors like Saint Capital Fund, Chhattisgarh Investments Ltd, and Neomile Growth Fund-Series I. Vibhor Steel Tubes Limited specializes in manufacturing, exporting, and supplying steel pipes and tubes to various heavy engineering industries across India. Before the share sale, the promoters of the company held a 98.24% stake.
