Gujarat-based Venus Pipes & Tubes was advised by L&L Partners in an IPO that received a huge response from retail investors.
The retail investor category was oversubscribed 19.04 times against the allocated shares. The qualified institutional buyers subscribed 12.02 times, while non-institutional buyers put in bids for 15.69 times the portion allocated for them.
The transaction team was led by partner Geeta Dhania, partner-designate Prashaant Vikram Rajput and associates Tripti Pandey, Sakshi Mandal, Rohit Patni and Ridhi Jain.
Venus Pipes’ IPO comprised up to 50.7 million equity shares aggregating to INR1.65 billion (USD21.3 million). The IPO was open to investors from 11-13 May.
Venus Pipes has a manufacturing plant located in Dhaneti (Kutch) with an installed capacity of 10,800 megatons per annum. The company sells stainless steel piping in both domestic and international markets with exports to 18 countries and regions including Brazil, the UK, Israel and Europe.