As of the morning of May 12, the next day after the auction, the IPO subscription volume of Venus Management was 2.83 times, investors bid more than 10 million shares, and the IPO scale was 3.551 million shares. The stainless tube maker raised Rs 49.62 crore from three key investors a day before the offering, reducing the offering size to 355,100 shares from 50.74 shares. Anchor investors bid at the high end of the IPO price range of Rs 310-326 per share.

Retail investors subscribed 4.95 times, and non-institutional investors subscribed 1.16 times. Qualified institutional buyers subscribed for 36% of its 1,014,000-share quota. Venus Pipes reserves half of the total offer for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 35 per cent for retail investors.

The company intends to raise Rs 165.41 crore through an IPO, a new share issue. It will fund the project cost of its hollow tubes and use the proceeds to meet working capital needs. Venus Pipes has over six years of experience manufacturing two significant categories of stainless-steel pipe products – seamless pipe/tube and welded pipe/tube. It has a factory in Danetti, Kutch, Gujarat.

Venus Pipes posted revenue of Rs 3,093.3 crore and a profit of Rs 2,363 crore in 2020-21, compared to Rs 1,778.1 crore on revenue of Rs 4.13 crore the previous year. For the nine months ended December 2021, profit stood at Rs 2.36 crore on revenue of Rs 2,767.7 crore.