Venus Pipes & Tubes on Friday mentioned it has mounted a value band of Rs 310-326 a share for its Rs 165-crore preliminary public providing (IPO). The preliminary share-sale will probably be open for public subscription on May 11 and conclude on May 13. The bidding for anchor buyers will open on May 10, in keeping with the corporate.
The public subject includes sale of fifty.74 lakh contemporary fairness shares of the corporate and there’s no offer-for-sale (OFS) part. At the higher finish of the worth band, the corporate is anticipated to mop-up Rs 165.41 crore.
Proceeds from the general public subject will probably be used for financing the undertaking price in the direction of capability growth and backward integration for manufacturing of hole pipes, to satisfy working capital necessities and for basic company functions.Investors can bid for no less than 46 fairness shares and in multiples of 46 fairness shares thereafter.
The Gujarat-based firm is among the rising stainless-steel pipes and tubes producer and exporter in India having about six years of expertise in manufacturing of stainless-steel tubular merchandise in two broad classes — seamless tubes and pipes; and welded tubes and pipes.The firm underneath the model identify “Venus” provides its merchandise for functions in numerous sectors together with chemical substances, engineering, fertilizers, prescription drugs, energy, meals processing, paper and oil and gasoline.
For the monetary yr ended on March 31, 2021, the income from operations stood at Rs 309.33 crore and its internet revenue was at Rs 23.63 crore.For 9 months ended December 31, 2021, the income from operations was at Rs 276.76 crore and its internet revenue was Rs 23.59 crore. SMC Capitals is the only ebook operating lead managers to the difficulty. The fairness shares of the corporate are proposed to be listed on BSE and NSE.
Source: www.financialexpress.com”