Vibhor Steel share price becomes first mainboard IPO of 2024 to list above 190% premium

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Also Read: Multibagger stock: Swan Energy delivered over 500% return in less than 3 years; up for 6th straight year During the bidding period from February 13 to February 15, the Vibhor Steel IPO garnered a remarkable subscription rate of 298.86 times. From the first day, the IPO witnessed a strong response, maintaining strong momentum throughout the three-day bidding process. This stellar response marked the IPO as the first to achieve a subscription rate exceeding 200 times in 2024.

Following this strong demand, the stock debuted impressively, opening at an 181% premium of ₹425 per share compared to the issue price of ₹151. The stock continued to strengthen, concluding its debut day with a robust listing gain of 195.5%, settling at ₹446.3 per share. Vibhor Steel also set a milestone as the first Mainboard IPO of 2024 to list with a premium of over 190%.

Prior to Vibhor Steel, BLS E-Services held the top position with a listing gain of 171% and a subscription rate of 162.5 times. Vibhor Steel Tubes is a manufacturer and exporter of mild steel, carbon steel, ERW black and galvanised pipes, hollow steel pipes, and cold-rolled steel (CR) strips and coils. Since 2003, the company has been collaborating with Jindal Pipes Limited, manufacturing and supplying finished goods under the brand name "Jindal Star." It has recently renewed its agreement with Jindal Pipes for six years, ensuring a minimum annual order of 1 lakh MT with a 2% discount on the gross sale price.