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Venus Pipes & Tubes raises Rs 49.62 crore from anchor investors ahead of IPO

The company's public issue will open for subscription on May 11 and close on May 13.

May 10, 2022 / 06:37 PM IST
Representative image.

Representative image.

 
 
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Stainless steel pipes and tubes manufacturer Venus Pipes & Tubes on May 10 mopped up Rs 49.62 crore from three anchor investors, ahead of its IPO.

The public issue will open for subscription on May 11 and close on May 13.

The company in its BSE filing said it has finalised the allocation of 15.22 lakh equity shares to anchor investors at a price of Rs 326 per share.

Nippon India Small Cap Fund has bought 7 lakh equity shares of Venus Pipes and Kotak Mahindra Life Insurance Company 6.06 lakh shares through the anchor book. India SME Investments-Fund 1 also participated in the offer and acquired 2.15 lakh shares of the company.

Venus Pipes & Tubes intends to raise Rs 165.42 crore through the public issue that comprises a fresh issue of 50.74 lakh equity shares.

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Also readVenus Pipes & Tubes IPO opens tomorrow: 10 key things to know

The price band for the offer has been fixed at Rs 310-326 per share. Investors can bid for a minimum of 46 equity shares and in multiples of 46 shares thereafter.

Half of the offer is reserved for qualified institutional investors, 35 percent for retail investors and the remaining 15 percent for non-institutional investors.

The funds raised through IPO will be utilised for financing project costs for capacity growth, technology upgrades, operational cost optimisation, manufacturing facility support, and backward integration for hollow pipe manufacturing, and long-term working capital requirements, besides general corporate purposes.



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Sunil Shankar Matkar
first published: May 10, 2022 06:37 pm
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