India's second most popular IPO falls below issue price
What's the story
India's second-most subscribed mainboard IPO, Vibhor Steel Tubes Ltd., is trading below its IPO price of ₹151. The stock fell over 3% on Wednesday and Thursday, taking it further down from its debut price. The company's IPO last year was subscribed a whopping 320 times owing to its relatively small size of ₹72 crore. The stock had listed in February 2024 at ₹425— a premium of 181% to the issue price of ₹151.
Retail interest
Retail portion of Vibhor's IPO was subscribed 201 times
The retail portion of Vibhor Steel Tubes's IPO was subscribed 201 times, reflecting strong interest from individual investors. However, the company doesn't have an analyst coverage and doesn't have any holdings from domestic mutual funds. Nevertheless, retail shareholding in Vibhor Steel has grown since its listing. It was at 12% at the time of listing and has now reached 17.9% as of December-end last year.
Shareholding details
Jindal Pipes holds a 1.32% stake in Vibhor Steel
Among other shareholders, Jindal Pipes holds a 1.32% stake in Vibhor Steel Tubes Ltd. As of December-end last year, promoters held a whopping 73.48% stake in the company. On Thursday, the shares of Vibhor Steel Tubes ended at ₹129.9, down 3% from its previous closing price. The stock is down 40% so far in 2025, having declined 20% in the last one month.