Venus Pipes & Tubes IPO GMP Today, Subscription Status, Listing Date; Key things to know
Venus Pipes & Tubes IPO: The initial public offering (IPO) of Venus Pipes & Tubes Ltd closed a day ago and witnessed 16.31x subscription rate till the third day of the offer. The impressive demand for the Venus Pipes IPO was supported by retail individual investors, who contributed to a healthy membership rates. As per NSE data, the IPO of Venus Pipes & Tubes received bids for 5,79,48,730 shares as against 35,51,914 shares. The IPO of stainless steel maker Venus Pipes & Tubes is an all-out fresh issue involving sale of 50.74 lakh (50,74,100) equity shares and there is no offer-for-sale (OFS) stake.
Venus Pipes And Tubes Subscription Status
The Venus Pipes IPO, which opened on May 11 and closed on Friday, May 13, garnered an overall subscription rate of 16.31 per cent, mainly due to support from retail investors. The retail investor category was booked 19.04 times against the shares allotted to the same. Qualified Institutional Buyers (QIBs) subscribed 12.02 times against the quota of 10.14 lakh shares, while non-institutional buyers bid for 15.69 times the share allotted to them.
Venus Pipes & Tubes IPO GMP Today
As per IPO Watch, the shares of Venus Pipes & Tubes are currently trading at a premium of Rs 30 in the gray market, which is higher than the upper band of Rs 326. This translates into a listing profit of 8 percent. This means that the gray market shares are trading at Rs 356. Premiums fluctuate based on sentiments in the markets. However, stock market experts suggested investors that GMP is unofficial data, which is non-regulated. Therefore, GMP adherents are advised to look at the company’s financial position as well as the company’s balance sheet will give a better picture of the company’s fundamentals.
Venus Pipes IPO Listing, Share Allotment Date
The date of allotment of shares for Venus IPO is likely to be on May 19 i.e. next Thursday. For investors who do not win the bids, the refund will be credited on May 20, while the credit to the demat account will be done on May 23. The listing date for Venus Pipes & Tubes IPO is May 24.
Venus Pipes & Tubes IPO Details
Venus Pipes & Tubes has fixed its IPO price band at Rs 310-326. The proceeds from the public issue will be used to finance the project cost, for capacity expansion and backward integration for manufacturing of hollow pipes, to meet working capital requirements and for general corporate purposes. Through Venus IPO, the company will sell 50.74 lakh (50,74,100) equity shares.
The company reported Profit After Tax (PAT) of Rs 23.63 crore with a topline of Rs 312.03 crore in the financial year 2021-22. For the nine months ended, the company reported revenue of Rs 278.28 crore with a net profit of Rs 23.6 crore. The IPO of Venus Pipes & Tubes will be listed on May 24.
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