Vishnusurya Projects IPO lists on NSE Emerge; Raises Rs 50 cr
The company’s Initial Public Offering (IPO) opened for subscription on September 29, and closed on Thursday. The IPO, based on a fresh issue of 73,50,000 equity shares.
S Neelakantan, and V Sanal Kumar
CHENNAI: The city-based Vishnusurya Projects and Infra Limited, a player in the construction, infrastructure development, mining, and aggregates space in South India, has made its debut on NSE Emerge today at Rs 76 per share, nearly 12% higher than the issue price of Rs 68.
The company’s Initial Public Offering (IPO) opened for subscription on September 29, and closed on Thursday. The IPO, based on a fresh issue of 73,50,000 equity shares, garnered an overwhelming over-subscription rate of 44 times.
The stock traded with a volume of 31,44,000 shares. Concluding its IPO, the company has raised Rs 49.98 crore.
The company intends to use the net proceeds to meet its working capital needs, and for the partial or full repayment of long-term debts. The company’s debt equity ratio is close to one.
In the recently concluded financial year (2022-23), the company registered a turnover of Rs 135 crores. Khandwala Securities Limited was the lead manager of the issue, while Saffron Capital Advisors Private Limited and TRANS Corporate Advisory served as IPO advisors.
S Neelakantan, and V Sanal Kumar, Directors thanked the investors for their support and informed that the company is well-positioned with a roster of ongoing major projects, and a robust pipeline of future project pursuits in the industrial, commercial, development, and residential sectors.
