Sambhv Steel Tubes IPO gets 28 times subscription on day 3 of bidding - check latest GMP

Sambhv Steel Tubes IPO continues to garner robust subscription. 

Sambhv Steel Tubes initial public offer (IPO) received over 28 times subscription on the day 3 of bidding on Friday. The initial share sale fetched bids for 140 crore shares against 4.92 crore shares on offer.

Non-institutional investor's portion subscribed 31.82 times, while the quota for retail individual investors (RIIs) garnered 7.99 times subscription. Qualified institutional buyers (QIBs) part received 62.32 times subscription.

Sambhv Steel Tubes IPO GMP

According to platforms that track the grey market activities, the shares of Sambhv Steel Tubes are commanding a GMP of about around 15 percent. Investorgain quoted a GMP of Rs 12 for the shares of the company, commanding a GMP of 14.63 percent.

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Earlier, the company raised Rs 161.25 crore from anchor investors. The Rs 540-crore IPO had a price band of Rs 77-82 per share.

Proceeds from the fresh issue will be utilised for payment of debt and general corporate purposes. Sambhv Steel is one of the key manufacturers of electric resistance welded (ERW) steel pipes and structural tubes (hollow section) in India in terms of installed capacity as of March 31, 2024.

Sambhv Steel Tubes' stock is likely to be listed on the BSE and NSE on July 2, while the allotment is expected on June 30.

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