Venus Pipes And Tubes Ltd.'s initial public offering continued to witness healthy demand on second day.
The issue was fully subscribed within the first few hours of opening. The retail investor portion was subscribed more than seven times at the end of day two.
The company, with a manufacturing plant in Dhaneti, Gujarat, strategically located near the ports of Kandla and Mundra, is selling shares at Rs 310-326 apiece in the IPO—a fresh issue worth Rs 165.4 crore.
The firm claims to have more than six years of experience in manufacturing of stainless steel tubular products across categories.
It will use the proceeds from the IPO to finance the project cost toward capacity expansion, technological upgradation, cost optimisation of operations and support the manufacturing facility and backward integration for manufacturing of hollow pipes.
Subscription Details: Day 2
The IPO subscribed 4.42 times as of 5 p.m. on May 12.
Institutional investors: 0.36 times.
Non-institutional investors: 2.59 times.
Retail investors: 7.52 times.
(Source: BSE)
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