Venus Pipes received 16.31 subscriptions on the last day of the IPO offer

The initial public offer of Venus Pipes and Tubes was subscribed 16.31 times on the last day of the subscription on Friday.

The initial public offering (IPO) received bids for 5,79,48,730 shares, with 35,51,914 shares, according to NSE data.

The category of Retail Individual Investors (RIIs) has been subscribed 19.04 times, with 15.69 times subscription for non-institutional investors and 12.02 times subscribers for Eligible Institutional Buyers (QIBs).

The IPO price of 50,74,100 equity shares was Rs 310-326 per share.

Venus Pipes and Tube Anchor has raised over Rs 49 crore from investors.

Proceeds from the issue will be used to finance project expenditures for capacity expansion and retrofit integration to create hollow pipes, to meet working capital requirements, and for general corporate purposes.

The Gujarat-based company is a manufacturer and exporter of stainless steel pipes and tubes.

The Venus brand provides its products for use in a variety of sectors, including chemical, engineering, fertilizer, pharmaceuticals, electricity, food processing, paper and oil and gas.

The company’s equity shares are proposed to be listed on BSE and NSE.

The offer was managed by SMC Capitals.