Shares of Venus Pipes & Tubes opened positive on BSE today and the stock rose against the issue price of 351 326. The IPO or Initial Public Offer of Venus Pipes & Tubes was subscribed 16.31 times. The retail segment witnessed good demand and was subscribed 19.04 times. The share of non-institutional investors got subscription 15.69 times and Qualified Institutional Buyers (QIBs) got 12.02 times.
Before IPO, Venus Pipes and Tubes collected more 49 crore from anchor investors. The IPO price range of 50,74,100 equity shares was 310-326 per share.
“Decent listing profit appears to be justified with the growing demand for its products and the company aiming to double its capacity to meet the demand. The issue is completely price-in at valuation. Investors should note that Venus Pipes moves at or below Rs. Prashant Taapsee, Vice President (Research), Mehta Equities Ltd said, IPO of 250 crores and initial it will be listed under “T” group, hence investors should consider it and trade accordingly with medium to long term perspective. needed.
The proceeds from the Venus IPO will be used 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. Venus Pipes & Tubes is a Gujarat based company which is a manufacturer and exporter of Stainless Steel Pipes and Tubes.
The company, under the Venus brand name, supplies its products for application in a variety of sectors, including chemicals, engineering, fertilizers, pharmaceuticals, power, food processing, paper and oil and gas.
Shares elsewhere delhivery ltd Started the stock market on Tuesday with stock listing on 495 on NSE, a premium of around 2% over its IPO issue price 487 per share. Shares of BSE, Delhi started trading on 493 each. (with agency input.)