Venus Pipes and Tubes IPO Day 3: issue subscribed 4.43 times on Day 2

The initial public offer of Venus Pipes and Tubes was subscribed 4.43 times on the second day of subscription on Thursday.According to the NSE data, the company’s ₹165.41-crore Initial Public Offer (IPO) received bids for 1,57,21,696 shares against 35,51,914 shares on offer.The category for retail individual investors received 7.52 times subscription, while the portion for non-institutional investors got subscribed 2.61 times and qualified institutional buyers 36 per cent.The IPO is of 50,74,100 equity shares and has a price range of ₹310-326 per share.Venus Pipes and Tubes has collected over ₹49 crore from anchor investors.Proceeds from the issue will be used for financing the project cost towards capacity expansion and backward integration for manufacturing of hollow pipes, to meet working capital requirements and for general corporate purposes.The Gujarat-based company is a growing manufacturer and exporter of stainless steel pipes and tubes in India.The company, under the brand name Venus, supplies its products for application in diverse sectors, including chemicals, engineering, fertilisers, pharmaceuticals, power, food processing, paper and oil and gas.The equity shares of the company are proposed to be listed on BSE and NSE.SMC Capitals is the manager to the offer.