The allotment of shares to Venus Pipes & Tubes Limited is expected to take place on 19 May. The Venus Pipes IPO had received quite a response from investors when the exchange opened for subscription. Thanks to private investors, the Venus Pipes IPO was subscribed 16.31 times on the last day. The issue received bids for 5,79,48,730 shares against 35,51,914 shares tendered, according to data available from NSE.
Everything you need to know about Venus Pipes & Tubes IPO GMP, Share Allotment and Listing
1) Venus Pipes & Tubes IPO opened for registration May 11-13. The price range is set at Rs 310-326 each. Investors had an option to bid on a minimum of 46 shares and then in multiples of 46.
2) At the top end of the price range, the company was looking to fetch Rs 165.41 crore through IPO. The Venus Pipes IPO involves the sale of 50.74 lakh new shares of the company. There is no component for sale (OFS).
3) Venus Pipes IPO saw a positive response from the investors. The quota for private investors has been subscribed 19.04 times. The portion reserved for qualified institutional buyers was booked 12.02 times, while the quota allocated for the non-institutional bidder portion was subscribed 15.66 times.
4) Investors will soon be informed whether they have been allocated the Venus Pipes & Tubes share. The closing of the Venus Pipes IPO share allotment is expected to occur on Thursday, May 19, 2022. Buyers can check their application status through the BSE website or KFin Technologies Limited (https://www.kfintech.com/).
5) The gray market premium of Venus Pipes & Tubes improved to Rs 24 on Monday, according to Chankya Ni Pothi website. The unlisted shares of Venus Pipes traded at Rs 350 on the gray market, 7 percent higher than the top of the issue price.
6) Regarding the valuation of the Venus Pipes IPO, Hem Securities said, “The company is launching the issuance at a price range of Rs 310-326 per share at a p/e multiple of 21x based on 9 months FY22 eps.”
7) Venus Pipes & Tubes collected over Rs 49 crore from anchor investors waiting for the first share sale. Nippon India Small Cap Fund, Kotak Mahindra Life Insurance Company Ltd & India SME Investments – Fund I were some of the investors who participated in the anchor book.
8) The Gujarat-based company is a growing manufacturer and exporter of stainless steel tubes and pipes in India. It supplies its products for applications in various sectors, including chemicals, engineering, fertilizers, pharmaceuticals, energy, food processing, paper and oil and gas.
9) For the fiscal year ended March 31, 2021, the operating income of Venus Pipes was Rs 309.33 crore. The net profit for the same financial year was Rs 23.63 crore. During the nine months ended December 31, 2021, the operating income was Rs 276.76 crore with a net profit of Rs 23.59 crore.
10) The IPO share of Venus Pipes & Tubes is likely to be listed on the stock exchange – NSE and BSE – on 24 May.
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