100s of titles, one news app for just $10 a month.
Latest Business news:
Bitcoin Recovers After Longest Run of Weekly Losses Since 2011
Bitcoin recovered to trade just above the $30,000 level where it’s been mostly hovering since the collapse of the TerraUSD…
Read news from The Economist, FT, Bloomberg and more, with one subscription
Learn More
How to Make Money (or Even Get Rich) During a Stock Market Crash
A crash creates buying opportunities if you can develop the right mindset.
HSBC suspends head of responsible investing who called climate warnings ‘shrill’
Bank investigating Stuart Kirk’s conference speech deriding flooding risks and climate warnings from UN and Bank of England
Star chairman says casino needs cleansing
Star Entertainment executive chairman John O'Neill says extraordinary action was warranted to clean up the embattled casino operator.
After $5 Trillion Rout, Emerging Markets Seek Turnaround Signal
The wreckage of a $5 trillion rout in emerging markets is starting to look like a buying opportunity to some…
From analysis to good news, read the world’s best news in one place
New Zealand PM Ardern to visit U.S. to boost exports, lure tourists
New Zealand Prime Minister Jacinda Ardern will visit the United States this week in a bid to boost exports and…
Rod Sims says Facebook should be forced to negotiate with SBS under news media bargaining code
Despite dozens of deals to pay Australian news publishers for content, social media company has left out SBS and the…

Venus Pipes IPO: GMP, subscription status on day 2 of the bidding

By Livemint
Venus Pipes IPO closes tomorrow (Reuters)

As of 12:10 pm on day 1, Venus Pipes IPO has been subscribed 3.24x with retail segment overbooked 5.62 times, NIIs 1.54x and QIBs 0.36x, BSE data showed.

The public issue comprises sale of 50.74 lakh fresh equity shares of the company and there is no offer for sale (OFS) component. At the upper end of the price band, the company is expected to mop up 165.41 crore via IPO. Venus Pipes and Tubes has collected over 49 crore from anchor investors.

As per market observers, Venus Pipes shares are available at a premium (GMP) of 24 in the grey market today. The company's shares are expected to list on stock exchanges BSE and NSE on Tuesday, May 24, 2022.

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.

"Venus Pipes and Tubes Ltd is backed with increasing commodity prices environment that is likely to reflect in their margins. It is also supported by the growth of the industry that it serves backed with favourable government policies. We recommend a subscribe for long term for the company," Bonanza Portfolio said in a note.

The Gujarat-based company is a growing stainless-steel pipes and tubes manufacturer and exporter in India. The company, under the brand name Venus, supplies its products for applications in diverse sectors, including chemicals, engineering, fertilizers, pharmaceuticals, power, food processing, paper and oil and gas.

"The Company has delivered good growth in Sales over past few years along with increasing margin profile. However, Venus faces competition from its peers who hold substantial market share in the SS pipes and tubes market. When compared to its listed peers, Venus seems to be richly priced. We recommend an "Avoid" rating to this IPO," said brokerage Anand Rathi in a note.

What is inkl?
The world’s most important news, from 100+ trusted global sources, in one place.
Morning Edition
Your daily
news overview

Morning Edition ensures you start your day well informed.

No paywalls, no clickbait, no ads
Enjoy beautiful reading

Content is only half the story. The world's best news experience is free from distraction: ad-free, clickbait-free, and beautifully designed.

Expert Curation
The news you need to know

Stories are ranked by proprietary algorithms based on importance and curated by real news journalists to ensure that you receive the most important stories as they break.