Vibhor Steel Tubes IPO
Vibhor Steel Tubes IPO — date, price band, lot size & details 2024
Vibhor Steel Tubes listed on 20 Feb 2024 at ₹425, 181.5% above the ₹151 issue price.
Vibhor Steel Tubes makes ERW, galvanised and hollow section steel pipes and crash barriers, largely for Jindal Pipes under the Jindal Star brand. Its total income was Rs 1,114.38 crore in FY2023.
Stock price
Vibhor Steel Tubes is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 13 Feb 2024
- Close 15 Feb 2024
- Allotment 16 Feb 2024
- Refund/credit 19 Feb 2024
- Listing 20 Feb 2024
Issue summary
The terms of the offer, as filed.
| IPO Dates | 13 to 15 Feb, 2024 |
|---|---|
| Price Band | ₹141 – ₹151 |
| Face Value | ₹10 |
| Lot Size | 99 Shares |
| Issue Size | ₹72.17 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,949 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 99 shares at the ₹151 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 99 | ₹14,949 |
| Retail (max) | 13 | 1,287 | ₹1,94,337 |
| S-HNI (min) | 14 | 1,386 | ₹2,09,286 |
| S-HNI (max) | 66 | 6,534 | ₹9,86,634 |
| B-HNI (min) | 67 | 6,633 | ₹10,01,583 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 511.51 crore in FY2021 to Rs 1,114.38 crore in FY2023.
- 02Profit after tax rose from Rs 0.69 crore in FY2021 to Rs 21.07 crore in FY2023.
- 03The pre-issue P/E was 10.17 at the upper band of Rs 151, based on EPS of Rs 14.85.
- 04The whole Rs 72.17 crore issue was fresh capital for working capital.
- 05It has a long-term supply agreement with Jindal Pipes, renewed on 1 April 2023.
Risks · 5
- 01It depends heavily on 1 customer, Jindal Pipes, so any disruption to that agreement would hurt sales.
- 02Margins are very thin, and the source puts the PAT margin at 1.89%.
- 03Total borrowing rose from Rs 58.74 crore on 31 March 2021 to Rs 160.27 crore on 30 September 2023.
- 04Steel prices drive costs and selling prices, and the source puts debt to equity at 1.63.
- 05Promoters and the promoter group held 98.24% before the issue and 73.48% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Vibhor Steel Tubes offer document.
| Metric | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 376.48 | 293.63 | 248.54 | 172.93 |
| Total Income | 531.24 | 1,114.38 | 818.48 | 511.51 |
| Profit After Tax | 8.52 | 21.07 | 11.33 | 0.69 |
| NET Worth | 101.76 | 93.20 | 71.97 | 60.49 |
| Total Borrowing | 160.27 | 126.83 | 106.07 | 58.74 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Vibhor Steel Tubes RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Vibhor Steel Tubes IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹14.85 | ₹8.99 |
| P/E Ratio (x) | 10.17 | 16.80 |
| Market Cap at Offer Price (₹ Cr) | ₹86.63 | ₹143.11 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹151 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹65.37 Cr of the issue is earmarked to named objects.
About the company
Its products include ERW pipes for water, oil and gas transport, hot-dipped galvanised pipes for agriculture and infrastructure, square and rectangular hollow sections, primer painted pipes and crash barriers for railways and highways.
It has a unit at Raigad, Maharashtra and another in Mahabubnagar district, Telangana. It makes and supplies finished goods for Jindal Pipes Limited under the Jindal Star brand, under a renewed agreement dated 1 April 2023.
The IPO was Rs 72.17 crore and was entirely fresh issue. Rs 62.00 crore was planned for working capital including margin money.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Vibhor Steel Tubes IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Khambatta Securities Limited
4 issues handled (3 mainboard, 1 SME)Best listing: Technocraft Ventures (+34.0%). Weakest: Black Opal Consultants (+1.5%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Vibhor Steel Tubes?
The current Grey Market Premium is ₹130, or 86% over the issue price.
What is the Vibhor Steel Tubes IPO price band?
₹141 to ₹151, on a face value of ₹10.
When is the allotment?
The basis of allotment is 16 February 2024, with listing on 20 February 2024.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
