Venus Pipes and Tubes IPO: The Initial Public Offering (IPO) of Gujarat-based stainless-steel pipes and tubes manufacturer and exporter company Venus Pipes and Tubes Limited was subscribed 16.31 times on the final day. The issue received bids for 5,79,48,730 shares against 35,51,914 shares on offer, according to data available by NSE. The Venus Pipes IPO is set to list soon on the NSE and BSE, as the share allotment of the public issue has been done already and winning bidders will soon get their credits to demat accounts.
Venus Pipes and Tubes Subscription Status
The Venus Pipes IPO received a total subscription rate of 16.31 per cent mainly due to the overwhelming response of retail investors. The retail investor category got booked 19.04 times against the shares allocated from them. Qualified institutional buyers (QIBs) subscribed 12.02 times against the quota of 10.14 lakh shares, while non-institutional buyers put in bids for 15.69 times the portion allocated for them.
Venus Pipes and Tubes IPO GMP Today
According to IPO Watch Venus Pipes IPO grey market premium (GMP) today is Rs 20, which is Rs 25 lower than its Thursday GMP of Rs 45. They said that Venus Pipes IPO GMP has been doing rounds in between Rs 40 to Rs 20 range for last one week in grey market. Market observers went on to add that lowering of Venus Pipes IPO in grey market premium can be attributed to the negative stock market sentiments, which is still persisting due to a number of reasons.
Market observers said that Venus Pipes IPO GMP today is Rs 25, which means grey market is expecting that Venus Pipes IPO listing would happen at around Rs 351 ( Rs 326 + Rs 25), which is around 6.5 per cent higher from its price band of Rs 310 to Rs 326 per equity share. So, Venus Pipes IPO GMP today indicates that the public issue will have a ‘moderate listing.’
Venus Pipes and Tubes IPO Listing Date
Venus Pipes IPO price band was fixed at Rs 310 to Rs 326 per equity share. The public issue, which opened on May 11 and closed on May 13, had its share allotment finalised on May 19, Thursday. The Venus Pipes IPO listing is likely on May 24, Tuesday, when the issue will debut on both NSE and BSE.
Venus Pipes and Tubes: Details
Venus Pipes and Tubes Ltd is a manufacturer of pipes and tubes with the sole focus on manufacturing of welded and seamless pipes in a single metal category i.e. stainless steel. Being present in only one metal segment since inception, the company have gained segment expertise. The Company supply their Products across a diversified range of sectors and the demand for their product is also expected to increase with growth in downstream sector, said Anand Rathi brokerage house in its Venus Pipes IPO note.
Read all the Latest Business News here
Comments
0 comment