anchor investors: Venus Pipes & Tubes raises Rs 49.62 crore from anchor investors

NEW DELHI: Gujarat-based Venus Pipes & Tubes said it has garnered Rs 49.62 crore from anchor investors ahead of its initial share sale that opens for public subscription on Wednesday. The company informed the bourses that it has allocated 15,22,186 shares at Rs 326 per share on Tuesday to anchor investors.

Nippon India Small Cap Fund, Kotak

Life Insurance & India SME Investments – Fund I are among the investors that participated in the anchor book.

Out of the total allocation of 15,22,186 equity shares to the anchor investors, 7,00,028 shares were allocated to Nippon India Small Cap Fund amounting to Rs 22.82 crore.

The IPO is entirely a fresh issue of 50,74,100 equity shares, with no offer for sale component. The proceeds from its fresh issuance will be used to the tune of Rs 108 crore towards funding the capital expenditure towards setting up of proposed manufacturing unit, Rs 25 crore for funding working capital requirements of the company besides general corporate purposes.

The price band for the Offer has been determined at Rs 310 – Rs 326 per equity share. The IPO will fetch Rs 165.42 crore at the upper end of the price band. Investors can bid for a minimum of 46 equity shares and in multiples of 46 equity shares thereafter.

SMC Capitals is the sole book-running lead manager and Kfin Technologies Limited is the registrar of the Issue.