The Initial Public Offering (IPO) of Gujarat-based Venus Pipes & Tubes Limited, one of the leading stainless steel pipes and tubes manufacturer, which kicked off for subscription on Wednesday, May 11, saw strong institutional investor interest in the issue.
The offer received bids of 5,79,29,824 shares against the offered 35,51,914 equity shares, at a price band of Rs 310-326, according to the data available on the stock exchanges.
The non-institutional investors portion was subscribed 15.66 times, while the part set aside for Qualified institutional buyers was subscribed 12.02 times. Retail investors had put in bid 19.04 times the shares reserved for them. Overall the issue was subscribed 16.31 times.
Venus Pipes and Tubes Limited is one of the growing stainless steel pipes and tubes manufacturer and exporter in the country having over six years of experience in manufacturing of stainless steel tubular products in two broad categories namely seamless tubes/pipes; and welded tubes/pipes. The company holds pride in supplying its wide product range to more than 20 countries internationally.
Venus Pipes recorded profit of Rs 23.63 crore on revenue of Rs 309.33 crore for the financial year 2020-21, against profit of Rs 4.13 crore on revenue of Rs 177.81 crore in previous year. For the nine months ended December 2021, profit stood at Rs 23.6 crore on revenue of Rs 276.77 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.
