Sambhv Steel shares plunge 13% from listing price as investors scurry for listing gains
Sambhv Steel Tubes
dropped nearly 13% below the listing price of Rs 110 on the NSE, hitting a low of Rs 96.25, as investors rushed to book listing gains. The stock made its market debut at a 34% premium over the issue price earlier in the day.
The smallcap counter, with a market capitalisation of Rs 2,926.09 crore, saw high investor participation. Around 2 p.m., nearly 4.9 crore shares changed hands, for a total traded value of Rs 500 crore.
Sambhv Steel Tubes, which had priced the issue at Rs 82 per share at the upper band, hit the day's high at Rs 111 before making a U-turn.
On the BSE, the stock listed at Rs 110 and touched a high of Rs 110.89, before slipping to a low of Rs 96.17.
The Rs 540 crore public issue, comprising a fresh issue of Rs 440 crore and an offer for sale of Rs 100 crore, received robust demand during the bidding window from June 24 to 27. The IPO was subscribed across all investor categories, with particular strength seen in the institutional and high-net-worth segments.
Sambhv Steel is India's only single-location, backwards-integrated ERW pipe and steel tubes manufacturer, and operates out of Chhattisgarh. The company produces sponge iron, hot rolled coils, and galvanised pipes under one roof, giving it operational and cost advantages in a competitive sector.
The company also benefits from proximity to major raw material sources, including coal and iron ore mines run by public sector undertakings, and services clients across 15 Indian states. Its widespread distribution network and diversified product portfolio have helped it post consistent revenue growth over the last three financial years.
Analysts tracking the issue say Sambhv's integrated operations, rising infrastructure demand, and post-issue debt reduction strategy make the stock attractive in the medium to long term.
The IPO raised Rs 161 crore from anchor investors ahead of the public offering, further bolstering sentiment. The allotment was finalised on June 30, and equity shares are expected to be credited to demat accounts ahead of the listing.
Brokerage SBI Securities has recommended a 'Subscribe' rating with a long-term horizon.
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