Vibhor Steel Tubes Limited IPO Sets Price Band at ₹141-151 per Share

Vibhor Steel Tubes Limited has announced the price band for its upcoming IPO, with shares priced in the range of ₹141 to ₹151 each. The IPO subscription window is scheduled to open on Tuesday, February 13, and close on Thursday, February 15. Investors looking to participate can do so with a minimum bid of 99 shares, with subsequent bids in multiples thereof. The floor price stands at 14.10 times the face value, while the cap price is set at 15.10 times the face value of ₹10. The price-to-earning ratio at the floor price is 9.49 times, and at the cap price, it stands at 15.10 times the face value.

Vibhor Steel Tubes Limited specializes in manufacturing and exporting mild steel/carbon steel ERW black and galvanized pipes, hollow steel pipes, and cold-rolled steel (CR) strips and coils, as outlined in the company’s Red Herring Prospectus (RHP). With a history spanning two decades, the company has been a key supplier to India’s heavy engineering sectors.

Having established a partnership with Jindal Pipes Limited since 2003, Vibhor Steel Tubes has been producing and supplying finished products for “Jindal Pipes Limited” (Jindal) under the brand name “Jindal Star,” as per the revised agreement effective April 1, 2023.

The ₹72.17 crore IPO consists solely of a fresh issue, with no offer-for-sale component. The net proceeds from the offering are earmarked for general corporate purposes and to meet the company’s working capital requirements.

The promoters of Vibhor Steel Tubes Limited are M/s Vijay Kaushik HUF, Vibhor Kaushik, Vijay Laxmi Kaushik, and Vijay Kaushik, collectively owning 1,32,46,500 equity shares, which represent 93.40% of the company’s pre-issue issued, subscribed, and paid-up equity share capital.

According to the company’s RHP, its listed peers include APL Apollo Tubes Limited (with a P/E of 64.88), Hi-Tech Pipes Limited (with a P/E of 47.91), Goodluck India Limited (with a P/E of 31.01), and Rama Steel Tubes Limited (with a P/E of 37.75).

Khambatta Securities Ltd serves as the sole book running lead manager (BRLM) for the Vibhor Steel Tubes Limited IPO, while KFin Technologies is appointed as the registrar to the issue.

The IPO has allocated not more than 50% of the shares to qualified institutional buyers (QIBs), at least 35% to non-institutional investors (NIIs), and a similar percentage is reserved for retail investors. Additionally, a portion of equity shares, totaling up to ₹44.55 lakhs, is reserved for employees.

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