India's Vibhor Steel Tubes surges in debut trade

Vibhor Steel Tubes

20/02/2024 05:22

** Shares of Vibhor Steel Tubes  VIBH.NS  soar 195.5% to 
446.25 rupees in trading debut, valuing co at 8.46 bln rupees
(nearly $102 mln) 
    ** The steel tubes and pipes maker opens at 425 rupees, way
above the IPO price of 151 rupees 
    ** Listing vastly exceeds the previously anticipated surge,
stock was expected to debut at 291 rupees - Shivani Nyati, head
of wealth, Swastika Investmart 
    ** The IPO had fresh issue of shares worth 722 mln rupees
($8.70 million) - prospectus
    ** IPO oversubscribed 298.86 times last week - exchange data
    ** VIBH's profit jumped nearly 86% for the year ended March
31, 2023, while net revenue rose 36% 
    
    ($1 = 82.9760 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))