Venus is going to launch Pipes & Tubes Initial Public Offering (IPO) this week It will be closed on 11th May and will be closed on 13th May. The size of the IPO is around Rs 165 crore and its price band has been fixed at Rs 310-326 per equity share. Its shares are currently trading at a premium of Rs 35 in the gray market. Here are important facts about the company and its IPO that investors need to know before applying for the offer.
Venus Pipes & Tubes IPO: Date and Size
The IPO of Venus Pipes & Tubes will be open for public subscription from May 11 to May 13. The bidding for anchor investors will open on May 10. The public issue involves the sale of 50.74 lakh equity shares of the company. Its total size will be Rs 165.35 crore. The tentative date for the announcement of share allotment is May 19. The tentative date for the share listing is May 24. Its shares are proposed to be listed on both NSE and BSE.
Venus Pipes & Tubes IPO: Lot Size
An investor can bid for a minimum of one lot and a maximum of 13 lots. Venus Pipes & Tubes will hold 46 shares. In terms of rupee value, an investor can place a minimum bid of Rs 14,996 for a single lot, while a maximum bid of Rs 1,94,948 can be placed for 13 lots.
Venus Pipes & Tubes IPO: Kota
There will be a reservation of 35 per cent for retail investors in the initial public offering, while Qualified Institutional Buyers (QIBs) will be able to participate in 50 per cent of the total issue size. Non-institutional investors will be able to participate in the remaining 15 per cent of the IPO size.
Venus Pipes & Tubes IPO GMP
As per IPO Watch, the shares of Venus Pipes & Tubes are currently trading at a premium of Rs 35 in the gray market, which is higher than the upper band of Rs 326. This translates into a listing profit of 10 percent. This means that the gray market shares are trading at Rs 361. Premiums fluctuate based on sentiments in the markets.
Venus Pipes & Tubes IPO: Purpose
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.
About Venus Pipes & Tubes IPO
The company has nearly six years of experience in manufacturing stainless steel tubular products in two broad categories – seamless tubes and pipes; and welded tubes and pipes. Under the brand name ‘Venus’, the company supplies its products for applications in a variety of sectors including chemicals, engineering, fertilizers, pharmaceuticals, power, food processing, paper and oil and gas. The company is one of the leading manufacturers and exporters of Stainless Steel Pipes and Tubes in India.
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