Business

Venus Pipes IPO Participates in Full Within Hours of First Start Date -by Ecork

The Definition for Retail Individual Investors (RIIs) record subscriptions 2.59 times.

New Delhi:

The first public offering of Venus Pipes and Tubes was fully subscribed within the first few hours of opening for subscription on Thursday.

Rs 165.41-crore IPO received offers for 51,67,502 shares against 35,51,914 shares on offer, meaning subscriptions 1.45 times, according to NSE data until 13:03.

The Definitive Group for Individual Investors (RIIs) shares a share of 2.59 times, while the share for non-institutional investors contributes 34 per cent and Qualified Enterprise Buyers (QIBs) 30 per cent.

The Initial Payment Opportunity (IPO) of equity 50,74,100 is valued at Rs 310-326 per share.

Venus Pipes and Tubes have received over Rs 49 crore from anchor investors.

The proceeds from the case will be used to finance project costs towards capacity expansion and backward integration for the production of empty pipes, to meet capital requirements and for general corporate purposes.

The Gujarati-based company is a growing supplier of stainless steel pipes and supplier of tubes and exporters in India.

The company, under the brand name Venus, offers its products for applications in various sectors including chemicals, technology, fertilizers, pharmaceuticals, energy, food processing, paper and oil and gas.

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

SMC Capitals is the supplier to the supply.

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