Venus Pipes & Tubes IPO: The initial public offering (IPO) of Venus Pipes & Tubes Limited closed a day back and saw a subscription rate of 16.31 times as of Day 3 of the offer. The impressive demand for the Venus Pipes IPO was backed by retail individual investors, who contributed to a healthy subscription rates. The Venus Pipes & Tubes IPO received bids for 5,79,48,730 shares against 35,51,914 shares on offer, according to NSE data. The IPO of Venus Pipes and Tubes, a stainless steel making company, is entirely a fresh issue comprising a sale of 50.74 lakh (50,74,100) equity shares and there is no offer-for-sale (OFS) portion.
Venus Pipes & Tubes Subscription Status
The Venus Pipes IPO, which opened on May 11 and closed on May 13, Friday, received a total subscription rate of 16.31 per cent mainly due to the backing of retail investors. The retail investor category got booked 19.04 times against the shares allocated from the same. Qualified institutional buyers (QIBs) subscribed 12.02 times against the quota of 10.14 lakh shares, while non institutional buyers put in bids for 15.69 times the portion allocated for them.
Venus Pipes & Tubes IPO GMP Today
According to the IPO Watch, the shares of Venus Pipes & Tubes are currently trading at a premium of Rs 30 in the grey market, over the upper band of Rs 326. It translates into a listing gain of 8 per cent. It means the shares in the grey market are trading at Rs 356 apiece. The premium gets fluctuated based on the sentiments in the markets. However, stock market experts suggested to investors that GMP is unofficial data, which is non-regulated. So, those who follow GMP are advised to go through the financials of the company as well because the balance sheet of the company 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 done on May 19, which is next Thursday. For those investors who do not win bids, refund will be credited on May 20 while credits to demat account will be done on May 23. The Listing date of Venus Pipes & Tubes IPO is tentatively May 24.
Venus Pipes & Tubes IPO Details
Venus Pipes & Tubes has fixed its IPO price band at Rs 310-326 apiece. Proceeds from the public 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. Through the Venus IPO, the company will offload 50.74 lakh (50,74,100) equity shares.
The company reported a profit after tax (PAT) of Rs 23.63 crore with a topline of Rs 312.03 crore in the financial year 2021-22. For the nine months ended, the company reported a net profit of Rs 23.6 crore with a revenue of Rs 278.28 crore. Venus Pipes & Tubes IPO will be listed on May 24.