Venus Pipes & Tubes has fixed price band 310-326 for one share Initial Public Offering (IPO) of 165 crores. The initial share-sale will be open for public subscription next week on Wednesday, May 11, 2022 and will end on May 13. The bidding for anchor investors will open on May 10.
The public issue involves the sale of 50.74 lakh new equity shares of the company and does not have an offer-for-sale (OFS) component. At the upper end of the price band, the company is expected to mop-up 165.41 crore through this IPO,
As per market observers, the shares of Venus Pipes are available at Premium (GMP) 35 Today in gray market, stable from yesterday’s price. The shares of the company are expected to be listed on BSE and NSE on Tuesday, May 24, 2022.
The proceeds from the public issue will be used to finance the project cost, for capacity expansion and backward integration for manufacturing of hollow pipes, to meet working capital requirements and for general corporate purposes.
The Gujarat based company is Stainless-Steel Pipes & Tubes manufacturer and exporter in India, engaged in manufacturing of Stainless-Steel Tubular products in two broad categories, Seamless Tubes & Pipes; and welded tubes and pipes.
For the financial year ended 31st March, 2021, the revenue from operations was 309 crores and its net profit was 23.6 crores. for the nine months ending 31st December, 2021, Venus Pipesrevenue from operations was low 276 crores and its net profit was 23 crores.