Venus Pipes & Tubes (VPTL) plans to raise Rs 175-Rs 225 crore through Initial Public Offering (IPO). The draft red herring prospectus (DRHP) is likely to be filed by the company this week.
VPTL plans to utilise the money for expansion purposes. According to the report by Financial Express, SMC Capital is the investment banker to the public issue.
“It is proposing to expand its existing manufacturing capacity for welded pipes/tubes and seamless pipes/tubes for manufacturing higher diameter welded pipes/tubes (up to 1219.2 mm) and seamless pipes/tubes (up to 168.3 mm),” said sources to Financial Express.
Venus Pipes and Tubes Pvt Ltd is one of India’s leading stainless steel pipes & tubes manufacturing companies. The company was established in 2015 at Gujarat. The company reported a gross income of Rs 309.33 crore in the fiscal year 2021. As per the data available on the companies website, the products are exported to 23 countries.