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Avoid to Venus Pipes and Tubes: Anand Rathi

Anand Rathi has come out with its report on Venus Pipes and Tubes. The research firm has recommended to ''Avoid'' the ipo in its research report as on May 10, 2022.

May 10, 2022 / 04:58 PM IST
 
 
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Anand Rathi IPO report on Venus Pipes and Tubes


Venus Pipes and Tubes Ltd is one of the growing stainless steel pipes and tubes manufacturer and exporter in India having over six years of experience in manufacturing of stainless steel tubular products in two broad categories: (i) seamless tubes/pipes and (ii) welded tubes/pipes, under which they are currently manufacturing five product lines, namely, (i) stainless steel high precision & heat exchanger tubes (ii) stainless steel hydraulic & instrumentation tubes (iii) stainless steel seamless pipes (iv) stainless steel welded pipes and (v) stainless steel box pipes. Under their brand name “Venus”, the company supply their Products for applications in diverse sectors including (i) chemicals (ii) engineering (iii) fertilizers (iv) pharmaceuticals (v) power (vi) food processing (vii) paper and (viii) oil and gas.


Valuation and Outlook


The Company has delivered good growth in Sales over past few years along with increasing margin profile. However, Venus faces competition from its peers who hold substantial market share in the SS pipes and tubes market. When compared to its listed peers, Venus seems to be richly priced. We recommend an "Avoid" rating to this IPO.


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