Venus Tubes and Tubes IPO: The initial public offering (IPO) of Gujarat-based manufacturer and exporter of stainless steel pipes and tubes, Venus Pipes and Tubes Limited, was subscribed to 16.31 times on its last day. The issue received bids for 5,79,48,730 shares against 35,51,914 shares tendered, according to data available from NSE. The Venus Pipes IPO will soon be listed on the NSE and BSE as the share allotment of the public offering has already been made and winning bidders will soon get their credits on demat accounts.
Venus tubes and tubes subscription status
The Venus Pipes IPO received an overall subscription rate of 16.31 percent, mainly due to the overwhelming response from retail investors. The retail investor category was booked 19.04 times against their allocated shares. Qualified institutional buyers (QIBs) bid 12.02 times against the quota of 10.14 lakh shares, while non-institutional buyers bid 15.69 times the share allocated for them.
Venus Pipes and Tubes IPO GMP today
According to IPO Watch Venus Pipes IPO, the gray market premium (GMP) today is Rs 20, which is Rs 25 below the GMP of Rs 45 on Thursday. They said Venus Pipes IPO GMP has made rounds between Rs 40 and Rs 20 range for the last week in the gray market. Market observers added that the decline in the IPO of Venus Pipes in the gray market premium can be attributed to negative stock sentiment, which continues for a number of reasons.
Market observers said the Venus Pipes IPO GMP today is Rs 25, meaning the gray market expects the Venus Pipes IPO to take place around Rs 351 (Rs 326 + Rs 25), which is about 6.5 percent higher than the price range from Rs 310 to Rs 326 per share share. So, Venus Pipes IPO GMP today indicates that the public issuance will have a “moderate listing.”
IPO Date of Venus Pipes and Tubes
Venus Pipes IPO price band was set at Rs 310 to Rs 326 per share of the share. The public issuance, which began on May 11 and closed on May 13, was completed on Thursday, May 19. The Venus Pipes IPO listing is likely on May 24, Tuesday, when the song will debut on both NSE and BSE.
Venus Tubes and Tubes: Details
Venus Pipes and Tubes Ltd is a pipe and tube manufacturer whose sole focus is the manufacture of welded and seamless pipes in a single metal category, namely stainless steel. Present in only one metal segment since its inception, the company has built up segment expertise. The company supplies its products in a diversified array of sectors and demand for their product is also expected to increase with growth in the downstream sector, brokerage firm Anand Rathi said in its Venus Pipes IPO note.
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