Venus Pipes & Tubes files draft papers to garner funds through IPO

Venus Pipes & Tubes has filed draft papers with markets regulator Sebi to raise funds through an initial share sale.

Through the Initial Public Offering (IPO), 50.74 lakh equity shares of the company will be sold, according to the Draft Red Herring Prospectus (DRHP).

Proceeds from the public 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.

Venus Pipes & Tubes is one of the growing stainless steel pipes and tubes manufacturer and exporter in the country.

The company under the brand name 'Venus' supplies its products for applications in diverse sectors, including chemicals, engineering, fertilisers, pharmaceuticals, power, food processing, paper, and oil & gas.

SMC Capitals is the sole book running lead managers to the issue. The equity shares of the company are proposed to be listed on BSE and NSE.