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Venus Pipes & Tubes Ltd, a manufacturer and exporter of stainless steel pipes and tubes, based in Gujarat, will launch its initial public offer (IPO) on May 11.
The manufacturer of seamless tubes/pipes and welded tubes/pipes plans to mop up Rs 165.42 crore through this offer at the upper end of the price band. The offer is a book-built issue and does not comprise any offer for sale of equity shares by the promoters.
The promoters will be offloading ~50.74 lakh shares, which comprises 16.07 percent of their stake. Their stake in the company will come down to 48.2 percent from the current 64.27 percent.
The company has about six years of experience in manufacturing stainless steel tubular products in two broad categories — seamless tubes & pipes, and welded tubes & pipes. Under the brand name Venus, the company supplies its products for applications in diverse sectors, including chemicals, engineering, fertilisers, pharmaceuticals, power, food processing, paper and oil and gas. The company is one of the growing stainless steel pipes and tubes manufacturers in India.
The company has major international accreditations (quality benchmarking certifications) and product approvals, and this has enabled it to supply products to 57 Fortune India 500 companies in the past across sectors, including chemicals, engineering, pharmaceuticals, oil & gas, etc.
The company has been dealing only in specialised production of stainless steel pipes and tubes since inception. This gives it the benefit of segment expertise in the stainless steel pipes and tubes segments. This gives the company the benefit of segment expertise, thereby placing it in a position of advantage vis-à-vis its competitors.
The company has a multi-fold demand for its products from all segments of new projects, repair and maintenance as well as replacement demand.
Its key business strategy is to increase existing capacity and take advantage of the ‘make-in- India’ push by the government of India, which has decided to disallow international/global tenders in government procurement tenders worth up to Rs 200 crore.
Jayantiram Motiram Choudhary is the Chairman, Non-Executive Director and one of the promoters of the company.
The company’s shares are currently commanding a premium of Rs 20 per share in the grey market, according to IPO Watch. This implies a listing gain of 5 percent.
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