Venus Pipes IPO: Subscribes by 4.43 times on Day 2 driven by retail investors

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Steel manufacturer, Venus Pipes and Tubes oversubscribed by 4.43 times on the second day of its 165.41 crore initial public offering (IPO) with robust demand from retail investors and HNIs.

Data given on NSE showed that on Thursday, the IPO received cumulative bids of 1,57,21,696 equity shares against 35,51,914 equity shares – registering a subscription of 4.43 times.

As per the data, the portion reserved for retail individual investors (RIIs) oversubscribed by 7.52 times, while the portion allocated to Non-Institutional Investors (NIIs) aka HNIs oversubscribed by 2.61 times.

However, the portion kept for Qualified Institutional Buyers (QIBs) received bids of 3,69,932 equity shares – subscribing by 36% against the reserved size of 10,14,864 equity shares.

The IPO opened on May 11 and will be available for subscription till May 13. The IPO has a price band of 310 to 326 per equity share.

The bid lot size is 46 Equity Shares and in multiples thereof. Retail investors can bid up to a maximum of 2 lakh.

The company plans to utilise proceeds from the public offer for financing the project cost towards capacity expansion and backward integration for manufacturing of hollow pipes, to meet working capital requirements, and for general corporate purposes.

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