The preliminary public provide of Venus Pipes and Tubes received totally subscribed inside the first few hours of opening for subscription on Wednesday.
The Rs 165.41-crore IPO acquired bids for 51,67,502 shares in opposition to 35,51,914 shares on provide, translating into 1.45 instances subscription, in keeping with NSE knowledge until 13:03 hours.
The class meant for Retail Particular person Traders (RIIs) acquired 2.59 instances subscription, whereas the portion for non- institutional buyers received subscribed 34 per cent and Certified Institutional Patrons (QIBs) 30 per cent.
The Preliminary Public Provide (IPO) of fifty,74,100 fairness shares has a worth vary of Rs 310-326 per share.
Venus Pipes and Tubes has collected over Rs 49 crore from anchor buyers.
Proceeds from the difficulty can be used for financing the venture value in direction of capability growth and backward integration for manufacturing of hole pipes, to satisfy working capital necessities and for common company functions.
The Gujarat-based firm is a rising stainless-steel pipes and tubes producer and exporter in India.
The corporate, beneath the model title Venus, provides its merchandise for purposes in various sectors together with chemical substances, engineering, fertilizers, prescribed drugs, energy, meals processing, paper and oil and gasoline.
The fairness shares of the corporate are proposed to be listed on BSE and NSE.
SMC Capitals is the supervisor to the provide.