Venus Pipes and Tubes likely to file DRHP this week to raise up to Rs 225 crore

New Delhi: Venus Pipes and Tubes is likely to file its draft red herring prospectus (DRHP) for an initial public offering (IPO) with capital markets regulator Sebi, according to sources close to the matter.

The Gujarat-based manufacturer of stainless steel pipes and tubes is eyeing to raise Rs 175-22 crore via its initial stake sale, the sources told ETMarkets.com.

The IPO will entirely be a fresh issue. SMC Capitals is reported to have been appointed as the book running lead manager (BRLM) to the issue.


Apart from manufacturing stainless steel pipes and tubes, the company also exports its wide product range to more than 20 nations across the globe.

"It is proposing to expand its existing manufacturing capacity for welded pipes, tubes and seamless pipes, tubes for manufacturing higher diameter welded pipes and tubes (up to 1219.2 mm) and seamless pipes/tubes (up to 168.3 mm),” said one person in the know.

A Venus Pipes and Tubes spokesperson declined to comment.

The company supplies products for applications in diverse sectors including chemicals, engineering, fertilizers, pharmaceuticals, power, food processing, paper, and oil and gas.

The company has a production facility spread across 11 acres in Kutch, which houses two major sea ports, enabling easy logistics.

For the financial year ended on March 31, 2021, the company reported a total income of Rs 309.33 crore with a net profit of Rs 23.63 crore.