Gujarat-based Venus Pipes & Tubes Limited (the “Company”) has fixed the price range for its IPO at Rs 310 to Rs 326 per share.The Company’s initial public offering (“IPO”) will open for subscription on Wednesday, May 11, 2022 and close on Friday, May 13, 2022.Investors can bid on at least 46 shares and multiples of 46 shares thereafter.The IPO is through a new offering of up to 5,074,100 shares.Venus Pipes and Tubes Limited is one of the country’s growing stainless steel pipe manufacturers and exporters with more than six years of manufacturing experience. Stainless steel pipe products are divided into two main categories, namely Seamless Pipe/Tube; and Welded Pipe/Pipe.The company prides itself on offering an extensive product range to more than 20 countries around the world.The company supplies products for applications in a variety of fields including chemical, engineering, fertilizer, pharmaceutical, power, food processing, paper, and oil and gas.The company has a manufacturing plant strategically located on the Bhuj-Bhachau highway in Dhaneti (Kutch, Gujarat), about 55 km and 75 km from the ports of Candela and Mundra respectively, which helps us to reduce the logistics cost of sourcing raw materials and products of import and export.The manufacturing plant has a separate seamless and welding department equipped with the latest product-specific equipment and machinery, including tube rolling mills, pilger mills, drawing machines, swaging machines, tube straightening machines, TIG/MIG welding systems, plasma welding systems Wait.Operating income was Rs 3,093.31 crore and net profit was Rs 236.32 crore for the financial year ended March 31, 2021.Income from operations for the nine months ended December 31, 2021 was Rs.2767.69 crore, with a net profit of Rs.235.95 million.The company may, in consultation with the bookkeeping lead manager for this offering, consider the participation of anchor investors in accordance with SEBI ICDR regulations, whose participation shall be one business day prior to the opening of the tender/offer, i.e., Tuesday, May 10, 2022 .The question is raised under Regulation 19(2)(b) of the Securities Contracts (Supervision) Rules 1957, as amended and read in conjunction with Regulation 31 of the SEBI ICDR Regulations.Pursuant to Section 6(1) of the SEBI ICDR Regulations, this offering is conducted through a book-building process, of which no more than 50% of the offering shall be distributed pro rata to qualified institutional buyers and no less than 15% of the issue can be Allocated to non-institutional bidders, of which a) one third of this portion shall be reserved for applicants whose application size exceeds Rs.2 lakh and up to Rs.1 million and (b) two-thirds of this part shall be reserved for applicants whose application size exceeds Rs.1 million, provided that the unsubscribed portion of such sub-categories may be allocated to applicants in other sub-categories that are not institutional bidders and not less than 15% of the issue shall be allocated to retail individual bidders as per SEBI ICDR, Receive valid bids from them at or above the issue price.
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