Venus Pipes & Tubes IPO: The initial public offering (IPO) of Venus Pipes & Tubes Limited closed a day ago and saw a subscription rate of 16.31 times from day 3 of the offering. Impressive demand for the Venus Pipes IPO was supported by retail retail investors, contributing to healthy bid rates. The Venus Pipes & Tubes IPO received bids for 5,79,48,730 shares against 35,51,914 shares on offer, according to NSE data. The IPO of Venus Pipes and Tubes, a stainless steel company, is a brand new issue consisting of a sale of 50.74 lakh (50,74,100) shares and there is no offer-for-sale (OFS) portion.
Venus Pipes & Tubes Subscription Status
The Venus Pipes IPO, which started on May 11 and closed on Friday, May 13, received an overall bid of 16.31 percent, mainly thanks to support from retail investors. The retail investor category was booked 19.04 times against the shares allocated by the same. 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 & Tubes IPO GMP today
According to the IPO Watch, shares of Venus Pipes & Tubes are currently trading at a premium of Rs 30 in the gray market, above the upper band of Rs 326. This translates into a quoted gain of 8 percent. It means the shares are trading in the gray market at Rs 356 each. The premium fluctuates based on market sentiment. However, stock market experts suggested to investors that GMP is unofficial data, which is unregulated. So those who follow GMP are advised to also go through the financial records of the company as the balance sheet of the company will give a better idea of the fundamentals of the company.
Venus Pipes IPO Listing, Share Allotment Date
The share allotment date for the Venus IPO is likely to be May 19, next Thursday. For those investors who do not win bids, the redemption will be credited on May 20, while the credits will be credited to the demat account on May 23. The listing date of the IPO of Venus Pipes & Tubes is provisionally 24 May.
Venus Pipes & Tubes IPO Details:
Venus Pipes & Tubes has set its IPO price band at Rs 310-326 each. Proceeds from the public offering will be used to fund the project costs for capacity expansion and backward integration for hollow tube manufacturing, to meet working capital requirements and for general corporate purposes. Through the Venus IPO, the company will sell 50.74 lakh (50,74,100) shares.
The company reported an after-tax profit (PAT) of Rs 23.63 crore with sales of Rs 312.03 crore in fiscal year 2021-22. For the nine months ended, the company reported a net profit of Rs 23.6 crore with sales of Rs 278.28 crore. Venus Pipes & Tubes IPO will be listed on May 24.
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