Sambhv Steel Tubes has received the Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 550 crore through an initial public offering (IPO). The proposed IPO is a mix of fresh issue of equity shares valued 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 for general corporate purposes. Nuvama Wealth Management and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.
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.
