Venus Pipes IPO subscribed 2.3 times on first day of offer, raises Rs 49 cr

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The initial public offer of Venus Pipes and Tubes got fully subscribed within the first few hours of opening on Wednesday. It closed with 2.37 times subscription on the first day.

The category meant for Retail Individual Investors (RIIs) received 4.10 times subscription, while the portion for non-institutional investors got subscribed fully and Qualified Institutional Buyers (QIBs) 36 per cent.

The Rs 165.41-crore IPO received bids for 84,13,860 shares against 35,51,914 shares on offer, translating into 2.37 times subscription, according to NSE data.

The Initial Public Offer (IPO) of 50,74,100 equity shares has a price range of Rs 310-326 per share.

Venus Pipes and Tubes has collected over Rs 49 crore from anchor investors.

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.

The equity shares of the company are proposed to be listed on BSE and NSE.

SMC Capitals is the manager to the offer.