Venus Pipes IPO got 16.31 times subscription on the last day of its share sale

The initial public offer (IPO) of Venus Pipes and Tubes was subscribed 16.31 times on the last day of subscription on Friday. The issue received bids for 5,79,48,730 shares against 35,51,914 shares on offer. The issue had a price range of ₹ 310-326 per share.

As per market observers, Venus Pipes shares are available at a premium (GMP) of ₹ 20 in the grey market today. The company's shares are expected to list on stock exchanges BSE and NSE on Tuesday, May 24, 2022.

The finalization of basis of share allotment of Venus Pipes IPO is expected to take place this week on Thursday, May 19, 2022 and if allotted, then the credit of shares to demat account of bidders will be done on May 23. The registrar for this IPO is KFin Technologies Limited, therefore the allotment application can be checked on its website here or on the BSE website here.

The public issue comprises sale of 50.74 lakh fresh 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 mop up ₹ 165.41 crore via IPO. Venus Pipes and Tubes had collected over ₹ 49 crore from anchor investors ahead of its issue.

Proceeds from the issue will be used for financing the project cost towards 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 pipes and tubes manufacturer and exporter in India. The company, under the brand name Venus, supplies its products for applications in diverse sectors, including chemicals, engineering, fertilizers, pharmaceuticals, power, food processing, paper and oil and gas.

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