Venus Pipes & Tubes IPO was subscribed 16.31 times on Day 3

The initial public offering (IPO) of Venus Pipes & Tubes Limited, a major stainless steel pipes and tubes producer located in Gujarat, experienced substantial institutional investor interest when it opened for subscription on Wednesday, May 11.

According to stock market statistics, the offer got bids for 5,79,29,824 shares against the 35,51,914 equity shares offered, with a price range of Rs 310-326.

Retail Individual Investors (RIIs) were 19.04 times oversubscribed, while non-institutional investors were 15.69 times oversubscribed and Qualified Institutional Buyers (QIBs) were 12.02 times oversubscribed.

The amount reserved for non-institutional investors was 15.66 times subscribed, while the portion reserved for Qualified institutional purchasers was 12.02 times subscribed. Investors from the general public bid 19.04 times the shares reserved for them. Overall the issue was subscribed 16.31 times.

The price range for the IPO of 50,74,100 equity shares was Rs 310-326 per share .Over Rs 49 crore has been raised from anchor investors by Venus Pipes & Tubes.

The proceeds from the offering will be utilised to fund project costs for capacity expansion and backward integration for hollow pipe manufacturing, as well as fulfil working capital requirements and other company needs.

ABOUT FINANCE OF VENUS PIPES

Venus Pipes and Tubes Limited, one of the country’s fastest-growing stainless steel pipe and tube manufacturers and exporters, with more than six years of experience producing stainless steel tubular goods in two major categories: seamless tubes/pipes and welded tubes/pipes. The firm is proud to sell its extensive product line to more than 20 nations across the world. For the fiscal year 2020-21, Venus Pipes made a profit of Rs 23.63 crore on revenue of Rs 309.33 crore, compared to a profit of Rs 4.13 crore on revenue of Rs 177.81 crore the previous year. Profit for the nine months ending December 2021 was Rs 23.6 crore on revenue of Rs 2376.77 crore. SMC Capitals Limited is the sole book running lead managers and Kfin Technologies Limited is the registrar to the offer. The equity shares of the company are proposed to be listed on BSE and NSE.

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