Sambhv sets IPO price range, values company at Rs 2,400 crore
MUMBAI: Sambhv Steel Tubes, a manufacturer of electric resistance welded steel pipes and structural tubes, has priced its
initial public offering
(IPO) between Rs 77 and Rs 83 a share, allowing the company to raise up to Rs 540 crore.
The IPO, which is a combination of fresh issue and offer for sale, will be open for public subscription from June 25 to June 27.
The promoters, Brijlal Goyal and his family, will sell Sambhv shares worth Rs 100 crore in the IPO.
At the upper price of Rs 83 per share Sambhv's market capitalisation will be just over Rs 2,400 crore.
The proceeds from the fresh issue, totaling Rs 440 crore, will be used to repay borrowings and for general corporate purposes.
As of March-end 2024, Sambhv had a debt of Rs 347 crore. In FY24, the company, based in Raipur, made a profit of Rs 82 crore on revenue of Rs 1,286 crore.
In addition to the steel pipes and structural tubes business, Brijlal Goyal and his family are also involved in the plastic business. However, the steel business under Sambhv is their largest venture.
Sambhv is a name created by combining the first letter of the names of six family members. The 'B' in Sambhv stands for Brijlal, while 'S' and 'V' represent Suresh and Vikas, who are Brijlal's two children. Suresh serves as the chairman of Sambhv, while Vikas holds the position of MD.
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