Haryana-based Vibhor Steel Tubes Ltd (VSTL) has set the price range for its initial public offering (IPO) in the range of Rs 141 to Rs 151 per share. The maiden issue will open on February 13 and close on 15th.
Khambatta Securities Limited is the sole book running lead manager to the Offer and KFIN Technologies Limited as the Registrar to the Offer.
The company said the proceeds from the issue will be used for working capital requirements and general corporate purposes.
Vibhor Tubes manufactures steel products such as Electric Resistance Welded Pipes, Hot-dipped Galvanized Pipes, Hollow section pipes, Primer painted pipes, SS Pipes and Crash Barriers at its plants located in Maharashtra, Telangana and Haryana with a total capacity of 2,21,000 MTPA.
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The company supplies its products to western and southern market companies in Maharashtra, Gujarat, Madhya Pradesh, Telangana, Karnataka and Tamil Nadu.
The company is in process of setting up another manufacturing unit with a capacity of 1,20,000 MTPA in Orissa. VSTL has also entered into an agreement with Jindal Pipes in April 2023 to manufacture and supply finished goods worth 1,00,000 MTPA.
Vibhor Steel has reported steady performance for the last fiscal, with net profit growing from Rs 11.33 crore in the year ended March FY22 to Rs 21.06 crore as of March 31, 2023. Revenue from operations grew to Rs 1,113.12 crore from Rs 818 crore during the same period.
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