New Delhi: Venus Pipes & Tubes’ first share sale opens for public subscription on May 11. The public offering, which includes the sale of 50.74 lakh shares of the company, will close on May 13th. The tender for anchor investors will open on May 10, according to the Red Herring Prospectus (RHP).
Proceeds from the public offering will be used to fund project costs for capacity expansion and backward integration for hollow tube manufacturing, working capital needs and general corporate purposes.
The Company has approximately six years of experience in the manufacture of stainless steel tubing products in two broad categories: seamless tubing and tubing; and welded tubes and pipes.
Under the “Venus” brand name, the company supplies its products for applications in various industries, including chemical, engineering, fertilizer, pharmaceutical, energy, food processing, paper and oil and gas.
It is one of the growing stainless steel pipe manufacturers and exporters in India.
SMC Capitals is the sole book-running lead manager on the issue. The company’s shares are to be listed on the BSE and NSE.