Venus Pipes and Tubes’ initial public offering (IPO) received an offer of 5,79,48,730 shares compared to 35,51,914 shares offered.This question has been subscribed 16.31 times.
The retail investor category was subscribed at 19.04 times.Non-institutional investors subscribed 15.69 times.The Qualified Institutional Buyer (QIB) category has 12.02 subscriptions.
The issue is open for bidding on Wednesday (11 May 2022) and closes on Friday (13 May 2022).The price range for the IPO was fixed at Rs 310 to Rs 326 per share.
The offer includes new issues of 50,74,100 shares with a total value of up to Rs 1.654 crore.The company proposed to use the net proceeds from the offering to finance project costs for capacity expansion, technology upgrades, operating cost optimisation and backward integration of hollow tube manufacturing totalling Rs 107.945 crore.The company also aims to meet long-term working capital requirements of Rs 250 crore and balance general corporate purposes.
Ahead of the IPO, Venus Pipes and Tubes finally distributed 15,22,186 shares to anchor investors at a distribution price of Rs 326 per share for a total of Rs 49,62,32,636 on Tuesday, May 10, 2022.
Venus Pipes & Tubes is a pipe and tube manufacturer specializing in the manufacture of welded and seamless pipes in a single metal category, Stainless Steel (SS).
The company manufactures two main categories of stainless steel pipe – seamless pipe/tubing and welded pipe/tubing.The company currently produces 5 product lines of stainless steel high-precision heat exchange tubes, stainless steel hydraulic instrument tubes, stainless steel seamless tubes, stainless steel welded tubes, and stainless steel box tubes.
Venus Pipes and Tubes posted a net profit of Rs 23.60 crore on total revenue of Rs 276.77 crore for the nine months ended December 2021.
(This story was not edited by Business Standard staff and was automatically generated from a syndicated feed.)
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