Venus Pipes and Tubes Limited has fixed its initial public offer (IPO) in the price band of ₹310 to ₹326 per equity share. At the upper band, the firm would raise around ₹165.4 crore through the primary market.

The IPO will open for subscription on May 11 and close on May 13 with a minimum bid of 46 equity shares, and in multiples of 46 equity shares thereafter. Through the IPO, the company offers a fresh issue of equity shares of up to 5,074,100 equity shares.

The floor price is 31 times the face value and the cap price is 32.60 times it, the company said in a statement.

Venus Pipes and Tubes intends to use the proceeds from the IPO to fund its capacity expansion and backward integration for its hollow pipe manufacturing, besides working capital requirements.

The company is among the leading stainless-steel pipes and tubes manufacturers and exporters in India. It exports to over 20 countries and has over six years of experience in manufacturing of stainless steel tubular products in two broad categories — namely seamless tubes/pipes and welded tubes/pipes.

The products have applications in the consuming industries of chemicals, engineering, fertilisers, pharmaceuticals, power, food processing, paper, and oil and gas.

Venus Pipes and Tubes has a production facility at Bhuj-Bhachau highway, Dhaneti (Kutch, Gujarat) in close proximity to Kandla and Mundra ports.

For FY21, the company reported revenues from operations at ₹309.3 crore with a net profit of ₹23.6 crore. For the first nine months of the current fiscal, its revenue from operations stood at ₹276.8 crore with a net profit of ₹23.6 crore.