Shares of Venus Pipes & Tubes on Tuesday opened for trade on bourses with a gain of over 3.5 per cent against the issue price of Rs 332. The stock listed at Rs 335, a rise of 2.76 per cent, on the BSE. It further gained 7.89 per cent to Rs 351.75. At the NSE, the shares of the company opened at Rs 337.50, up 3.52 per cent.
The initial public offer of Venus Pipes and Tubes was subscribed 16.31 times earlier this month. The IPO of 50,74,100 equity shares had a price range of Rs 310-326 per share. The Gujarat-based company is a manufacturer and exporter of stainless steel pipes and tubes. The company, under the brand name Venus, supplies its products for application in diverse sectors, including chemicals, engineering, fertilisers, pharmaceuticals, power, food processing, paper and oil and gas.