Venus Pipes and Tubes IPO: Bonanza gives 'buy' tag to the public issue
Premium- Venus Pipes and Tubes IPO: The company is looking to double its capacity with expansion into more SKUs both in seamless and welded pipes, believes Bonanza Portfolio
Venus Pipes and Tubes IPO (Initial Public Offering) opened for subscription today and it will remain open for bidding till 13th May 2022. By 1:44 PM on day 1 of bidding, the public issue of stainless steel pipes and tubes manufacturer has been subscribed 1.60 times whereas its retail portion has been subscribed 2.87 times. AS per the market observers, shares of Venus Pipes are available at a premium of ₹40 in grey market today that means Venus Pipes and Tubes IPO GMP today is ₹40.
Bonanza Portfolio gives 'subscribe tag
Giving Venus Pipes and Tubes IPO review, Jitendra Upadhyaya, Equity Research Analyst at Bonanza Portfolio said, "The company is looking to double its capacity with expansion into more SKUs both in seamless and welded pipes. Further, the company is setting up a piercing line for manufacturing of hollow pipes so that it would help reduce its procurement of hollow pipes."
"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," Bonanza Portfolio expert added.
Asked about the rating to Venus Pipes and Tubes IPO, Bonanza Portfolio analyst said, "We recommend a subscribe for long term for the company."
Venus Pipes and Tubes IPO details
- Venus Pipes and Tubes IPO subscription: The public issue has opened today and it will remain open till 13th May 2022.
- Venus Pipes and Tubes IPO GMP: Shares of Venus Pipes and Tubes are available at a premium of ₹40 in grey market today.
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- Venus Pipes and Tubes IPO price: Company has fixed price band of its public offer at ₹310 to ₹326 apiece.
- Venus Pipes and Tubes IPO allotment date: The tentative date for announcement of share allotment is 19th May 2022.
- Venus Pipes and Tubes IPO listing: Shares of Venus Pipes and Tubes will list on BSE and NSE and the most likely Venus Pipes and Tubes IPO listing date is 24th May 2022.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.