Venus Pipes sets price band at Rs 310-326 a share

2022-05-28 13:55:19 By : Ms. Tina Ge

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Gujarat-based Venus Pipes & Tubes Ltd initial public offering has set its price band at Rs 310-326 a share. Earlier the firm said its IPO will open for subscription on May 11 and close on May 13.

The anchor book for the IPO, which comprises a fresh issue of 5.07 million shares, opens May 10. Shares will be credited to allottees on May 23 and the firm will list on exchanges the next day.

On the upper band, the firm will raise around Rs 165.42 crore via IPO.

The proceeds from the issue would be used to finance capacity expansion, backward integration for the manufacturing of hollow pipes and to meet long-term working capital requirements, the company has said.

Also Read | Prudent Corporate Advisory prices IPO at Rs 595-630 per share

The firm has a manufacturing facility at Dhaneti in Kutch with a total installed capacity of 10,800 MT per annum.

The firm is a growing stainless steel pipes and tubes manufacturer and exporter in India. As on February 28, 2022, it was exporting to 20 countries, including Brazil, the UK, Israel and some European Union nations.

Also Read | Delhivery IPO: Price band set at Rs 462-487 a share; firm valued at Rs 35,283 crore

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