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The IPO of Venus Pipes & Tubes will open public subscription today and conclude on May 13. The company has fixed price band at ₹310-326 a share for its ₹165-crore IPO. The lot size is 46 shares.
It is completely a fresh issue of 50.74 lakh shares. While 50 per cent is reserved QIBs, the retail and HNIs can bid up to 35 and 15 per cent, respectively.
Anchor investors
Ahead of the issue, the company has raised ₹49.62 crore from three anchor investors - Nippon India Small Cap Fund, Kotak Mahindra Life Insurance and India SME Investments Fund-I - by allocating 15.22 lakh equity shares at ₹326 a share.
Usage of funds
The company will utilise the funds to meet its long-term working capital requirements, general corporate purposes and financing project costs for capacity growth, technology upgrades, operational cost optimisation, manufacturing facility support, and backward integration for hollow pipe manufacturing.
About the Company
Venus Pipes & Tubes Limited is a manufacturer and exporter of stainless steel pipes and tubes. It is manufacturing stainless steel tube products in two broad categories - seamless tubes/pipes and welded tubes/pipes under which five product categories are manufactured namely, stainless steel high precision & heat exchanger tubes, stainless steel hydraulic & instrumentation tubes, stainless steel seamless pipes, stainless steel welded pipes and stainless steel box pipes
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