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The GMP of the Suntech Infra Solutions IPO is 17.07% today; its allotment is scheduled to be finalised on Monday, June 30.
Sambhv Steel Tubes IPO: Check allotment date & GMP.
Sambhv Steel Tubes IPO Allotment Date: The Sambhv Steel Tubes IPO has received a strong 30.33x subscription on the final day of bidding on Friday, amid a decent GMP. Its grey market premium of 17.07% signals decent listing gains for investors. However, brokerage reports have recommended the company for the long-term play due to its fully backward integration. As the issue has closed, investors are awaiting its allotment.
Sambhv Steel Tubes IPO Allotment Date
The allotment of the Sambhv Steel Tubes IPO is scheduled to be finalised on Monday, June 30.
Sambhv Steel Tubes IPO: A Step-By-Step Guide To Check Allotment Status
Once the IPO allotment is finalised, investors will start receiving bank debit messages, most probably in the evening on June 30. They can also check their allotment status on the websites of the NSE as well as registrar Kfin Technologies. The allotment status can be checked by following these steps:
1) Go to the official BSE website via the URL — https://www.bseindia.com/investors/appli_check.aspx.
2) Under ‘Issue Type’, select ‘Equity’.
3) Under ‘Issue Name’, select ‘Sambhv Steel Tubes Ltd’ in the dropbox.
4) Enter your application number, or the Permanent Account Number (PAN).
5) Then, click on the ‘I am not a robot’ to verify yourself and hit the ‘Search’ option.
Your share application status will appear on your screen.
You can also visit directly on the registrar Kfin Technologies’ portal — https://ipostatus.kfintech.com/ and check the Sambhv Steel Tubes IPO allotment status.
The allotment status can also be checked on the NSE’s website at https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids.
Sambhv Steel Tubes IPO GMP Today
According to market observers, the GMP of the Suntech Infra Solutions IPO has increased to 17.07% currently.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Sambhv Steel Tubes IPO Listing Date
The listing of Sambhv Steel Tubes Ltd’s shares will take place on Wednesday, July 2, on both BSE and NSE.
Sambhv Steel Tubes IPO: More Info
The IPO consists of a fresh issue of equity shares worth Rs 440 crore and an offer for sale (OFS) of Rs 100 crore by the company’s promoter and promoter group shareholders.
It was open for public subscription between June 25 and June 27. On the final day of bidding on Friday, the Sambhv Steel Tubes IPO received a 30.33 times subscription, garnering bids for 1,40,13,19,920 shares as against the 6,58,69,293 shares on offer. The retail and NII participation stood at 8.56 times and 33.88 times, respectively. Its qualified institutional buyer (QIB) category got a 66.36 times subscription.
The price band was fixed at Rs 77 to Rs 82 per equity share of face value Rs 10 each.
Most brokerage firms gave ‘subscribe’ recommendations to the IPO, with most advising investors to take a long-term view due to Sambhv Steel’s backward integration, new capacity ramp-up, and strong product portfolio. They added that growth prospects and debt reduction post IPO offer a compelling long-term case.
As per the RHP, Sambhv Steel intends to use the net proceeds from the fresh issue primarily for pre-payment or scheduled repayment of certain outstanding borrowings, and the remaining amount will go towards general corporate purposes.
Sambhv Steel Tubes is one of the key manufacturers of electric resistance welded (ERW) steel pipes and structural tubes (hollow section) in India in terms of installed capacity as of March 31, 2024.
According to a Crisil report, the demand for domestic steel pipes and tubes is expected to have grown at a compound annual growth rate (CAGR) of 5-6 per cent to 12.50-13.50 million tonnes per annum (MTPA) in FY25 from 8.8 MTPA in FY19.
The growth was led by government initiatives to augment urban structural infrastructure and to infuse investments in the oil and gas sector.
Going forward, domestic steel pipe demand is projected to increase to 18.50-20.50 MTPA in FY29 at 8-9 per cent CAGR between FY25 and FY29 on a high base, the report added.
Nuvama Wealth Management Limited and Motilal Oswal Investment Advisors Limited are the Book Running Lead Managers (BRLMs) to the issue.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experience in financial journalism, Haris has been previously asso… Read More
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