The initial share-sale of Venus Pipes & Tubes will open for public subscription on May 11. The public issue, comprising sale of 50.74 lakh equity shares of the company, will conclude on May 13. The bidding for anchor investors will open on May 10, according to the red herring prospectus (RHP).
Proceeds from the public issue will be used 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.The company has about six years of experience in manufacturing of stainless-steel tubular products in two broad categories — seamless tubes & pipes; and welded tubes & pipes.
The company under the brand name “Venus” supplies its products for applications in diverse sectors including chemicals, engineering, fertilizers, pharmaceuticals, power, food processing, paper and oil and gas.It is one of the growing stainless-steel pipes and tubes manufacturers and exporters in India.SMC Capitals is the sole book running lead manager to the issue. The equity shares of the company are proposed to be listed on BSE and NSE.