Venus Pipes & Tubes sets IPO price band at Rs 310-326/share

New Delhi, May 6: Venus Pipes & Tubes on Friday said it has fixed a price band of Rs 310-326 a share for its Rs 165-crore initial public offering (IPO).
The initial share-sale will be open for public subscription on May 11 and conclude on May 13. The bidding for anchor investors will open on May 10, according to the company.
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 Rs 165.41 crore.
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.
Investors can bid for a minimum of 46 equity shares and in multiples of 46 equity shares thereafter.
The Gujarat-based company is one of the growing stainless-steel pipes and tubes manufacturer and exporter in India having about six years of experience in manufacturing of stainless-steel tubular products in two broad categories — seamless tubes and pipes; and welded tubes and pipes.
The company under the brand name “Venus” supplies its products for applications in diverse sectors including chemicals, engineering, fertilizers, pharmaceuticals, power, food processing, paper and oil and gas.
For the financial year ended on March 31, 2021, the revenue from operations stood at Rs 309.33 crore and its net profit was at Rs 23.63 crore.
For nine months ended December 31, 2021, the revenue from operations was at Rs 276.76 crore and its net profit was Rs 23.59 crore.
SMC Capitals is the sole book running lead managers to the issue. The equity shares of the company are proposed to be listed on BSE and NSE. (PTI)