The preliminary public provide of Venus Pipes and Tubes was subscribed 16.31 instances on the final day of subscription on Friday.

The Preliminary Public Provide (IPO) acquired bids for five,79,48,730 shares in opposition to 35,51,914 shares on provide, in keeping with NSE information.

The class meant for Retail Particular person Buyers (RIIs) was subscribed 19.04 instances, whereas the portion for non-institutional buyers acquired 15.69 instances subscription and Certified Institutional Consumers (QIBs) 12.02 instances.

The IPO of fifty,74,100 fairness shares had a worth vary of Rs 310-326 per share.

Venus Pipes and Tubes had collected over Rs 49 crore from anchor buyers.

Proceeds from the problem will likely be used for financing the challenge value in the direction of capability enlargement and backward integration for manufacturing of hole pipes, to satisfy working capital necessities and for normal company functions.

The Gujarat-based firm is a producer and exporter of chrome steel pipes and tubes.

The corporate, beneath the model title Venus, provides its merchandise for software in numerous sectors, together with chemical substances, engineering, fertilisers, prescription drugs, energy, meals processing, paper and oil and fuel.

The fairness shares of the corporate are proposed to be listed on BSE and NSE.

SMC Capitals was the supervisor to the provide.

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