Venus Pipes & Tubes has fixed a price range of Rs 310-326 per share for its initial public offering (IPO). The company’s IPO of Rs 165 crore will open on May 11. The company said that the IPO will open on May 11 and close on May 13 and bidding for anchor investors will open on May 10.
Venus Pipes & Tubes said that 50.74 lakh equity shares of the company will be sold under the IPO. It is expected to raise Rs 165.41 crore. The proceeds from the IPO will be used for capacity expansion, working capital requirements and general corporate purposes.
The company’s ‘Venus’ brand products are supplied in diverse sectors such as chemicals, engineering, fertilizers, pharmaceuticals, energy, food processing, paper and oil & gas. The company is a manufacturer and exporter of Stainless Steel Pipes and Tubes.