The initial public offer (IPO) of Venus Pipes & Tubes was subscribed 16.31 times on the last day of subscription on Friday. The issue received bids for 5,79,48,730 shares while 35,51,914 shares were offered. The issue price range was 310-326 per share.
As per market observers, the shares of Venus Pipes are available at Premium (GMP) Today in Gray Market 20. The Company’s Shares are expected to be listed on the Stock Exchanges BSE and NSE on Tuesday, 24th May, 2022.
The finalization of the share allotment basis for Venus Pipes IPO is expected this week on Thursday, May 19, 2022 and if allotment is made, the shares will be credited to the demat account of the bidders on May 23. The registrar for this IPO is KFin Technologies Limited, hence the allotment application can be checked on its website Here or on BSE website Here,
The public issue involves the sale of 50.74 lakh new equity shares of the company and there is no offer for sale (OFS) component. At the upper end of the price band, the company is expected to rise 165.41 crore through IPO, Venus Pipes and Tubes had collected more 49 crore from anchor investors before its issue.
The proceeds from the 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 a growing stainless-steel pipe and tube manufacturer and exporter in India. The company, under the Venus brand name, supplies its products for applications in a variety of sectors including chemicals, engineering, fertilizers, pharmaceuticals, power, food processing, paper and oil and gas.