Venus Pipes & Tubes serves various diversified sectors & applications, and exports to twenty countries.
Gujarat-based Venus Pipes & Tubes Ltd. has made a positive debut on the Bombay Stock Exchange (BSE) with the stock rising to INR 351 as compared to the issue price of INR 326. The Initial Public Offering (IPO) of the Company was subscribed 16.31 times – as published in news reports.
“Decent listing gain seems to be justified with increasing demand for its products and company aiming to doubling its capacity to cater the demand. On valuation per se, the issue is fully priced-in,” said Mr. Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.
Notably, the proceeds from the Venus IPO will be utilised in the investment of the project towards capacity expansion and backward integration for manufacturing hollow pipes, to meet working capital requirements, and for general corporate purposes. Venus Pipes & Tubes is a leading manufacturer and exporter of stainless steel pipes and tubes in the country.
The company, under the brand name Venus, supplies its products for application in diversified sectors, including chemicals, engineering, fertilisers, pharmaceuticals, power, food processing, paper, and oil and gas. The manufacturer also exports to twenty countries.