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Venus Pipes IPO will get 16.31 instances subscription on final day of supply

The preliminary public supply of Venus Pipes and Tubes was subscribed 16.31 instances on the final day of subscription on Friday.

The Initial Public Offer (IPO) acquired bids for five,79,48,730 shares towards 35,51,914 shares on supply, in accordance with NSE knowledge.

The class meant for Retail Individual Investors (RIIs) was subscribed 19.04 instances, whereas the portion for non-institutional buyers acquired 15.69 instances subscription and Qualified Institutional Buyers (QIBs) 12.02 instances.

The IPO of fifty,74,100 fairness shares had a worth vary of Rs 310-326 per share.

Venus Pipes and Tubes had collected over Rs 49 crore from anchor buyers.

Proceeds from the problem will probably be used for financing the venture price in the direction of capability growth and backward integration for manufacturing of hole pipes, to satisfy working capital necessities and for common company functions.

The Gujarat-based firm is a producer and exporter of chrome steel pipes and tubes.

The firm, beneath the model title Venus, provides its merchandise for software in numerous sectors, together with chemical compounds, engineering, fertilisers, prescription drugs, energy, meals processing, paper and oil and gasoline.

The fairness shares of the corporate are proposed to be listed on BSE and NSE.

SMC Capitals was the supervisor to the supply.



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