India's Sambhv Steel Tubes jumps 22% in trading debut

Sambhv Steel Tubes

02/07/2025 08:21

** Indian steel pipes maker Sambhv Steel Tubes SMBV.NS surges 22.3% to 100.25 rupees on first day of trading

** Stock opened 34% higher at 110 rupees vs issue price of 82 rupees; co valued at 29.62 billion rupees (~$346 million) as of 12:42 p.m. IST

** Its 5.4 billion rupees ($63 million) IPO consists of fresh issue of shares worth 4.4 billion rupees and existing shareholders offloading 1 billion rupees

** IPO was subscribed 28.46 times; qualified institutional buyers' portion subscribed 62.32x, and retail investors' portion 7.99 times

** Proceeds from the issue to be used for repayment of debt, general corporate purposes

 (Reporting by Manvi Pant in Bengaluru)

 ((Manvi.Pant@thomsonreuters.com; +918447554364;))