Venus Pipes IPO opens for subscription on May 11

Gujarat-based Venus Pipes & Tubes Ltd's initial public offering 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.

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.

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.

For FY21, the firm’s total income stood at Rs 312.03 crore against Rs 179.32 crore in the year-ago period. Net profit for the year was at Rs 23.63 crore, up from Rs 4.13 crore in the previous year. The profit margin was at 7.57 percent, up from 2.3 percent in the previous year. The company’s total borrowings were at Rs 78.19 crore as on April 7, 2022.