Venus Pipes -; Tubes' IPO to open on May 11, sets price band at Rs310-326

6 May 2022 , 01:37 PM

Gujarat-based Venus Pipes & Tubes Limited (“The Company”) has fixed the price band at Rs310 to Rs326 per Equity Share for its maiden public offer.

The initial public offering (“IPO”) of the Company  will open on Wednesday, 11 May, 2022 for subscription and close on Friday, 13 May, 2022. Investors can bid for a minimum of 46 Equity Shares and in multiples of 46 Equity Shares thereafter.

The IPO  is through a fresh issue of equity shares of up to 5,074,100 Equity Shares.

Venus Pipes and Tubes Limited is one of the growing stainless-steel pipes and tubes manufacturer and exporter in the country having 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 company holds pride in supplying its wide product range to more than 20 countries internationally.

The company supplies products for applications in diverse sectors including chemicals, engineering, fertilizers, pharmaceuticals, power, food processing, paper, and oil and gas.

The Company has one manufacturing plant which is strategically located at Bhuj-Bhachau highway, Dhaneti (Kutch,Gujarat) in close proximity, around 55 kilometers and 75 kilometers from the ports of Kandla and Mundra, respectively, that helps us in reducing the logistic costs on procurement of raw materials and imports and export of the  Products. The manufacturing plant  has separate seamless and welded divisionswith latest product-specific equipment and machineries including tube mills, pilger mills, draw benches, swaging machines, pipe straightening machines, TIG/MIG welding systems, plasma welding systems, etc.

For the financial year ended on March 31, 2021, the revenue from operations was Rs 3093.31 million   with a net profit of Rs 236.32 million. For nine months ended December 31, 2021, the revenue from operations was Rs. 2767.69 million with a net profit of Rs. 235.95 million.

All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the red herring prospectus dated May 2, 2022 (“RHP”) filed with SEBI and the stock exchanges.