Steel maker, Venus Pipes & Tubes was oversubscribed 4.43 times for the second day 165.41 crore Initial Public Offering (IPO) with strong demand from retail investors and HNIs.
The data given on NSE showed that on Thursday IPO Received cumulative bids of 1,57,21,696 equity shares against 35,51,914 equity shares – 4.43 times subscribed.
As per the data, the portion reserved for retail individual investors (RIIs) was oversubscribed by 7.52 times, while the portion allotted to non-institutional investors (NIIs) aka HNIs was oversubscribed by 2.61 times.
However, the portion earmarked for Qualified Institutional Buyers (QIBs) received bids for 3,69,932 equity shares – a subscription of 36% against the reserve size of 10,14,864 equity shares.
The IPO opened on May 11 and will be available for subscription till May 13. The price band of IPO is from 310 326 per equity share.
Bid lot size is 46 equity shares and multiples thereof. Retail investors can bid up to a maximum 2 lakhs.
The company plans to utilize the proceeds from the public offering to finance the project cost for capacity expansion and backward integration for manufacturing of hollow pipes, meeting working capital requirements and for general corporate purposes.