Sambhv Steel Tubes shares jump 19 pc in market debut trade

     New Delhi, Jul 2 (PTI) Shares of Sambhv Steel Tubes Ltd ended with a premium of 19 per cent against the issue price of Rs 82 on Wednesday.
     The stock made its market debut at Rs 110.10, a jump of 34.26 per cent against the issue price on the BSE. During the day, it zoomed 35.23 per cent to Rs 110.89. Shares of the firm ended at Rs 97.58 each, up 19 per cent.
     On the NSE, the stock listed at Rs 110, up 34.14 per cent. Shares of the firm settled at Rs 97.59 apiece, a premium of 19 per cent.
     The company's market valuation stood at Rs 2,875.40 crore.
     The Rs 540-crore initial public offer of Sambhv Steel got subscribed 28.46 times on the closing day of bidding on Friday last week.
     The price band for the initial public offer (IPO) was Rs 77-82 per share.
     The IPO was a mix of fresh issue of equity shares valued at Rs 440 crore and an offer-for-sale (OFS) of shares worth Rs 100 crore by promoters.
     Proceeds from the fresh issue will be utilised for payment of debt and general corporate purposes.
     Sambhv Steel is one of the key manufacturers of electric resistance welded (ERW) steel pipes and structural tubes (hollow section) in India.

(This story has not been edited by THE WEEK and is auto-generated from PTI)