Shares of Vibhor Steel Tubes on Tuesday made an astounding listing by jumping nearly 180 per cent at ₹421 against the IPO price of ₹151. The stock gained further 5 per cent to end the day at ₹442. On the NSE, shares of Vibhor Steel Tubes listed at ₹425 and closed at ₹446.25 per piece.

The ₹72.18-crore initial public offering (IPO) of Vibhor Steel Tubes received bids worth a whopping ₹16,211.36 crore, as all category of investors subscribed heavily.

The IPO of Vibhor Steel Tubes, which supplies its products to Jindal Pipes, was entirely a fresh issue. The steel pipes and tubes manufacturer came out with a price band of ₹141-151.

While the QIB portion was subscribed 178.73 times, retail investors thronged the issue as the portion reserved for them received from bids 188.17 times while NIIs quota witnessed a humungous participation of 721.33 times. The company, which reserved 31,595 shares for employees, saw the portion receiving bids for 201.48 times.

As part of the IPO, Vibhor Steel Tubes had raised about ₹21.52 crore from three anchor investors — Saint Capital Fund, Chhattisgarh Investments Ltd and Neomile Growth Fund — Series I.

Proceeds from the issue will be used for working capital requirements and general corporate purposes.

Vibhor Steel Tubes is a manufacturer of high-quality steel tubes and pipes that are used in heavy engineering industries. The company’s product portfolio comprises ERW pipes for application in water transport, oil, gas and other non-toxic supplies; hot-dipped galvanised pipes for application in agriculture and infrastructure; hollow section pipes in square and rectangular forms.