Venus Pipes & Tubes IPO: The IPO of Venus Pipes & Tubes Limited closed a day ago and saw a subscription price of 16.31 times from day 3 of the offer. The impressive demand for Venus Pipe’s IPO was backed by individual private investors, who contributed to a sound subscription price. Venus Pipes & Tube’s IPO received an offer for 5,79,48,730 shares against the 35,51,914 shares offered, according to NSE data. The IPO of Venus Pipes and Tubes, a company that manufactures stainless steel, is an entirely new issue that includes a sale of 50.74 lakh (50.74,100) shares and there is no offer-for-sale (OFS) part.
Venus Pipes & Tubes subscription status
Venus Pipe’s IPO, which opened on May 11 and closed on May 13, Friday, received a total subscription interest rate of 16.31 percent, mainly due to the support from private investors. The private investor category was booked 19.04 times against the shares allotted from it. Qualified institutional buyers (QIBs) subscribed 12.02 times against the quota of 10.14 lakh shares, while non-institutional buyers bid 15.69 times the share allotted to them.
Venus Pipes & Tubes IPO GMP Today
According to IPO Watch, the shares in Venus Pipes & Tubes are currently traded at a premium of Rs 30 on the gray market, above the upper band of Rs 326. This translates to a listing gain of 8 percent. This means that the shares on the gray market are traded for Rs 356 each. The premium fluctuates based on the emotions in the markets. But stock market experts suggested to investors that GMP is unofficial data, which is not regulated. So those who follow GMP are advised to go through the company’s finances as well as the company’s balance sheet will give a better picture of the company’s fundamentals.
Venus Pipes IPO listing, share allotment date
The share allotment date for Venus IPO is likely to be May 19, which is next Thursday. For those investors who do not win bids, the repayment will be credited on 20 May, while crediting to the demat account will take place on 23 May. The listing date for Venus Pipes & Tube’s IPO is tentative May 24.
Venus Pipes & Tubes IPO Details
Venus Pipes & Tubes has set its IPO price band at Rs 310-326 each. The proceeds from the public issue will be used to finance the project cost of capacity expansion and backward integration for the manufacture of hollow pipes, to meet working capital requirements and for general business purposes. Through the IPO of Venus, the company will unload 50.74 lakh (50.74,100) shares.
The company reported a profit after tax (PAT) of 23.63 crore Rs with a top line of 312.03 crore Rs during the financial year 2021-22. For the nine months ended, the company reported a net profit of Rs 23.6 crore with revenue of Rs 278.28 crore. Venus Pipes & Tube’s IPO will be announced on May 24.
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