Sambhv Steel Tubes shares to list today; latest GMP ahead of market debut

Shares of Sambhv Steel Tubes are set to make their stock market debut on Wednesday, July 02. The metal pipes and tubes player is likely to deliver a decent lising pop to the investors, considering its grey market premium (GMP) ahead of debut. However, the premium in the unofficial market has remained stable since the closure of the issue.

Ahead of its stock market listing, shares of Sambhv Steel Tubes were commanding a grey market premium of Rs 14-15 apiece, suggesting a listing gains of around 17-18 per cent for the investors. Its premium stood at Rs 10 in the unofficial market when the issue had opened for bidding.

The IPO of Raipur-based Sambhv Steel Tubes ran for bidding between June 25 and June 27. The company sold its shares in the range of Rs 77-82 per share with a lot size of 182 shares. It raised a total of Rs 540 crore via IPO, which included a fresh shares sale of Rs 440 crore and offer-for-sale of up to 1,21,95,121 equity shares worth Rs 100 crore.

The issue was overall subscribed 28.46 times fetching over 12.15 lakh applications. The allocation for the qualified institutional bidders (QIBs) was subscribed a solid 62.32 times The portion for non-institutional investors (NIIs) booked 31.82 times. Allocations for retail investors and employees were booked 7.99 times and 5.34 times, respectively during the bidding process.

Incorporated in 2017, Sambhv Steel Tubes is a manufacturer of electric resistance welded (ERW) steel pipes and structural tubes (hollow section) in India. Its manufacturing facility is located in Village Tilda Tehsil, Raipur, Chhattisgarh. It has a wide distribution network in India which extends across 15 states and one union territory.

Brokerage firms were mostly positive on the issue. Nuvama Wealth Management and Motilal Oswal Investment Advisors were the book running lead managers of the Sambhv Steel Tubes IPO, while Kfin Technologies was appointed as the registrar for the issue. Shares of the company shall be listed on both BSE and NSE.