બે Price band of each equity share with a face value of Rs.10 per equity share is Rs.310 – Rs.326.
· Bid / Issue Opening Date – Wednesday, May 11, 2022 and Bid / Issue Closing Date – Friday, May 13, 2022
· The floor price is 31.00 times the face value of equity shares and the cap price is 32.60 times the face value of equity shares.
Ahmedabad-based Venus Pipes and Tubes Limited (“Company”) has set a price band of Rs 310 to Rs 326 per equity share for its first public offering. The company’s initial public offering (“IPO”) will open for subscription on Wednesday, May 11, 2022.
And will close on Friday, May 13, 2022. Investors can bid for at least 46 stocks and then in multiples of 46 equity shares. Up to 5,074,100 new equity shares will be issued through IPO.
Venus Pipes & Tubes Ltd. is a fast emerging stainless-steel pipes and tubes manufacturer and has over six years of experience in the production of stainless steel tubes products in two wide ranges called Seamless Tubes / Pipes and Welded Tubes / Pipes. The company is proud to supply its wide range of products internationally in more than 20 countries.
The company supplies its products to a wide range of materials used in a variety of fields, including chemicals, engineering, fertilizers, pharmaceuticals, energy, food processing, paper and oil and gas.
The company has a manufacturing plant which is strategically located at Bhuj-Bhachau Highway, Dhaneti (Kutch, Gujarat) at a distance of about 55 kms and 75 kms from Kandla and Mundra ports respectively. The special location of the plant helps the company to reduce the cost of transportation of raw materials and import and export of products.
The manufacturing plant has separate seamless and welded sections with sophisticated product-specific equipment including tube mills, Pilger mills, draw benches, swagging machines, pipe straightening machines, TIG / MIG welding machines, plasma welding machines etc.
The company had a net profit of Rs. 236.32 million and revenue of Rs. 3093.31 million for the financial year ended March 31, 2021. The business had a net profit of Rs.235.95 million for the nine months ended December 31, 2021 with revenue of Rs.2767.69 million.
The company may consider anchor investor participation in accordance with the SEBI ICDR rules in consultation with the book running lead manager of the issue. Their participation will be on Tuesday, May 10, 2022, one day before the opening date of the bid / issue issue.
This issue is made with reference to Rule 19 (2) (b) of the Securities Contracts (Regulation) Rules, 1957, as amended from time to time in conjunction with Regulation No. 31 of the SEBI ICDR Regulations. This issue is regulated by SEBI ICDR Regulation no. In pursuance of 6 (1) the book is being introduced through the building process,
Eligible institutional buyers will not be made available for allotment of more than 50% equity shares of the issue on a proportional basis, in addition to non-institutional bidders will be made available for allotment of not less than 15% of the issue equity shares out of which a) one third of this share. Reserved for applicants with application size over Rs. 0.2 million and up to Rs. 1.0 million and
(b) Two-thirds of this portion will be reserved for applicants with an application size of more than Rs. Can be done
And equity shares not less than 15% of the issue will be made available to retail individual bidders for allotment in accordance with SEBI ICDR rules, subject to the condition that valid bids are being received from them at or above the issue price.
All capital-related terms used herein and not specifically defined will have the meaning given to them in the Red Herring Prospectus (“RHP”) filed on May 2, 2022 at SEBI and the stock exchange.