Vibhor Steel sets IPO price band at Rs 141-151; check expansion plans, financials, other details here

Haryana-based Vibhor Steel Tubes, a manufacturer of high-quality steel tubes and pipes, is set to hit primary markets on February 13 to raise Rs 72 crore through its forthcoming initial public offering (IPO).

The company has fixed a price band of Rs 141-151 per share for its proposed IPO which will close on February 15. The equity shares of the company are proposed to be listed on NSE and BSE.

Khambatta Securities is the sole book running lead manager to the offer and KFIN Technologies as the registrar to the offer. The proceeds from the issue will be utilised for working capital requirements.

Vibhor Steel reported steady performance for the last financial year, with net profit growing from Rs 11.33 crore for the year ended March FY22 to Rs 21.06 crore as of March 31, 2023. Revenue from operations increased to Rs 1,113.12 crore from Rs 818 crore during the same period

Vibhor Kaushik, Managing Director, Vibhor Steel Tubes (VSTL) said, “With such strong numbers in terms of turnover, it is the right time to go public for Vibhor Steel Tubes. The turnover will only increase from here on.”

Meanwhile, the company on February 7 also announced that it is on track to complete its expansion plan at Sundargarh in Orissa by the end of the first quarter ended June 30, 2024 (Q1FY2025).

It has acquired the land for the project, and orders for plant and machinery have already been placed and have been funded through internal accruals