Venus Pipes & Tubes gains 3% on listing but falls short of analyst forecasts
- Shares of Venus Pipes & Tubes listed at ₹335 while the price band was fixed at ₹310 - 326 per share.
- The IPO received good demand from investors as it was subscribed for 16.31 times the number of shares offered in the three days of IPO bidding process.
- The market capitalisation of the company stood at ₹679 crore.
AdvertisementThe stock of Gujarat-based Venus Pipes & Tubes gained 3% immediately after its listing debut - making it one of the ‘good’ debuts this IPO season. Most other stocks including the famed LIC listed at a discount to its offer price.
Venus listed at ₹335, which is 2.76% more than the issue price band of ₹310 - 326 per share. The market capitalisation of the company stood at ₹679 crore, according to BSE data.
Investors however expected the stock to surge by 5% on listing as per grey market calculations. But with benchmark indices trading flat, mixed global cues and a general feeling of dull sentiment must have watered down some of the enthusiasm that the IPO subscriptions have shown.
The IPO received good demand from investors as it was subscribed for 16.31 times the number of shares offered in the three days of bidding process.
The company said that the IPO proceeds will be used to finance capacity expansion and to meet the long-term working capital requirements of the company.
Venus Pipes & Tubes sells products in both domestic and international markets and exports to 18 countries including Brazil, the UK, Israel and countries in the European Union, amongst others.
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