Home / Markets / Ipo /  Venus Pipes IPO: GMP ahead of subscription opening next week

Venus Pipes & Tubes has fixed a price band of 310-326 a share for its 165-crore initial public offering (IPO). The initial share-sale will be open for public subscription from next week on Wednesday, May 11, 2022 and conclude on May 13. The bidding for anchor investors will open on May 10.

The public issue comprises sale of 50.74 lakh fresh equity shares of the company and there is no offer-for-sale (OFS) component. At the upper end of the price band, the company is expected to mop-up 165.41 crore through its IPO.

As per market observers, Venus Pipes shares are available at a premium (GMP) of 35 in the grey market today, steady from yesterday's price. Shares of the company are expected to list on BSE and NSE on Tuesday, May 24, 2022.

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.

The Gujarat-based company is stainless-steel pipes and tubes manufacturer and exporter in India with engaged in manufacturing of stainless-steel tubular products in two broad categories, seamless tubes and pipes; and welded tubes and pipes.

For the financial year ended on March 31, 2021, the revenue from operations stood at 309 crore and its net profit was at 23.6 crore. For nine months ended December 31, 2021, Venus Pipes' revenue from operations was at 276 crore and its net profit was 23 crore.

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