Venus Pipes and Tubes Limited shares made a muted start on the exchanges, by listing around 3 per cent higher premium than the issue price of Rs 326 apiece at the upper band. The Rs 165.42 crore initial public offer (IPO) of the company had launched its offer between May 11-13, 2022. 

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On the BSE, it got listed at a premium of nearly 3 per cent higher to Rs 335 per share, and it debuted at over 3.5 per cent higher premium to Rs 337.5 per share on the NSE. 

The shares of Venus Pipes were listed below Zee Business Managing Editor Anil Singhvi’s expectations. He had expected the counter to list in the range of Rs 350-375 per share. However, suggests to HOLD the stock with a stop loss at the upper band of the issue price. 

Minutes after listing, the stock made a 52-week high of Rs 351.75 per share and Rs 354.35 per share on the NSE.

During the three-day period, the IPO of Venus Pipes was subscribed over 16 times as investors bid for 5,79,29,824 equity shares as compared to the 35,51,914 equity shares offered. 

The retail investors’ quota for retail bid most by 19.04 times, followed by the non-institutional bidder's portion was subscribed 15.66 times, whereas the allocation for qualified institutional buyers was subscribed 12.02 times. 

The company had garnered Rs 49.62 crore from anchor investors, a day before its IPO, allocating 15,22,186 shares at Rs 326 per share on May 10, 2022, 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. It has one manufacturing plant which is located at Bhuj-Bhachau highway, Gujarat) with an installed capacity of 10,800.