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New Delhi: The Rs 165.42 crore initial public offer (IPO) of Venus Pipes and Tubes continued to attract a solid response from investors on the third and final day of the bidding. The issue had sailed through within the first 90 minutes on day 1.

The company is selling its shares in a lot size of 46 equity shares in a price range of Rs 310-326.

According to the data from BSE, investors bid for 3,45,34,178 equity shares or 9.72 times by 2 pm compared to the 35,51,914 equity shares offered for the subscription.

The quota for retail bidders was subscribed 13.97 times, whereas the allocation for qualified institutional buyers was subscribed 4.50 times. Non-institutional bidder’s portion was subscribed 6.77 times.

The company has reserved 50 per cent of the net offer for qualified institutional buyers (QIBs), whereas non-institutional buyers (NIIs) will get a 15 per cent allocation. The remaining 35 per cent shares will be given to the retail bidders.

A day before its IPO it garnered Rs 49.62 crore from anchor investors allocating 15,22,186 shares at Rs 326 per share on Tuesday to anchor investors, the company said in a BSE circular.

Venus Pipes and Tubes is a manufacturer and exporter of stainless steel pipes and tubes in two broad categories – seamless tubes/pipes and welded tubes/pipes.

Venus Pipes and Tubes has one manufacturing plant which is located at Bhuj-Bhachau highway, Gujarat) with an installed capacity of 10,800 MT per annum.

The company sells products in both domestic and international markets. Venus Pipes & Tubes exports its products to 18 countries including Brazil, the UK, Israel and countries in the European Union.

The majority of the brokerages are positive on the issue and have suggested subscribing to it, tracking its sound financials, growth prospects, healthy margins and expansion plans. However, a few of them are wary over the valuations of the company.

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