Venus Pipes and Tubes Ltd.'s shares gained on market debut after investors piled into its initial public offering.
The stock of the stainless steel pipes and tubes maker listed at Rs 335 apiece on the BSE, a premium of 2.7% to its IPO price of Rs 326 apiece.
It then quickly rose to Rs 351.75 apiece, as much as 7.9% above the IPO price, closing at the same level.
The three-day IPO was subscribed over 16 times. The company, with a manufacturing plant in Dhaneti, Gujarat, strategically located near the ports of Kandla and Mundra, was 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.
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