Venus Pipes And Tubes Ltd.'s three-day initial public offering witnessed healthy demand on the third and final day.
Retail investors piled into the offering with their subscription rising to 19 times. The issue was fully subscribed within the first few hours of opening on Wednesday.
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.
Subscription Details: Day 3
The IPO subscribed 16.31 times as of 5 p.m. on May 13.
Institutional investors: 12.02 times.
Non-institutional investors: 15.66 times.
Retail investors: 19.04 times.
(Source: BSE)
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