Home Share Market Venus Pipes IPO will get 16.31 occasions subscription on final day of provide

Venus Pipes IPO will get 16.31 occasions subscription on final day of provide

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

The Initial Public Offer (IPO) obtained bids for five,79,48,730 shares towards 35,51,914 shares on provide, in response to NSE knowledge.

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

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

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

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

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

The firm, below the model identify Venus, provides its merchandise for utility 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 provide.

Source: www.financialexpress.com”