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Venus Pipes IPO gets 16.31 times subscription on last day of offer

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The category meant for Retail Individual Investors (RIIs) was subscribed 19.04 times, while the portion for non-institutional investors received 15.69 times subscription and Qualified Institutional Buyers (QIBs) 12.02 times.

The initial public offer of Venus Pipes and Tubes was subscribed 16.31 times on the last day of subscription on Friday.

The Initial Public Offer (IPO) received bids for 5,79,48,730 shares against 35,51,914 shares on offer, according to NSE data.

The category meant for Retail Individual Investors (RIIs) was subscribed 19.04 times, while the portion for non-institutional investors received 15.69 times subscription and Qualified Institutional Buyers (QIBs) 12.02 times.

The IPO of 50,74,100 equity shares had a price range of Rs 310-326 per share.

Venus Pipes and Tubes had 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 manufacturer and exporter of stainless steel pipes and tubes.

The company, under the brand name Venus, supplies its products for application in diverse sectors, including chemicals, engineering, fertilisers, 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 was the manager to the offer.

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