Venus Pipes hits the roof on debut

Shares of Venus Pipes and Tubes were locked in an upper circuit of 5% at Rs 351.75, at a premium of 7.9% compared with the issue price of Rs 326.

May 24, 2022 10:29 IST | capital market
The scrip was listed at Rs 335, representing a premium of 2.76% to the initial public offer (IPO) price. So far, the scrip has hit a high of Rs 351.75 and a low of Rs 335. Over 39,000 shares of the company have changed hands in the counter till now. The IPO of the tubes manufacturer was subscribed 16.31 times. The issue opened on 11 May 2022 and it closed on 13 May 2022. The IPO price band was Rs 310 to Rs 326 per equity share. The object of the offer was to utilize the net proceeds from the issue towards financing the project cost towards capacity expansion, technological upgradation, cost optimization of operations and backward integration for manufacturing of hollow pipes amounting Rs 107.945 crore. The company also aims to meet long-term working capital requirements amounting Rs 25 crore and balance towards general corporate purposes. Venus Pipes & Tubes is a pipes and tubes manufacturer with the sole focus on manufacturing of welded and seamless pipes in a single metal category, i.e., stainless steel (SS). The company manufactures stainless steel tubular products in two broad categories - seamless tubes/pipes and welded tubes/pipes. The company is currently manufacturing 5 product lines, namely - stainless steel high precision & heat exchanger tubes, stainless steel hydraulic & instrumentation tubes, stainless steel seamless pipes, stainless steel welded pipes and stainless-steel box pipes. Venus Pipes and Tubes reported a net profit of Rs 23.60 crore on a total income of Rs 276.77 crore in the nine months ended on December 2021. Powered by Capital Market - Live News

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