BackVishnusurya Projects IPO: Check subscription status on day 4, GMP, review, other details
Vishnusurya Projects and Infra IPO has opened for subscription with a price band of ₹68 per equity share.
PremiumVishnusurya Projects and Infra IPO has opened for subscription on Friday, September 29, and will close on Thursday, October 5. Vishnusurya Projects IPO price band has been set at ₹68 per equity share of face value of ₹10 each. Vishnusurya IPO lot size is 2000 equity shares and in multiples of 2000 equity shares thereafter.
Vishnusurya Projects IPO details
Vishnusurya IPO, which is worth ₹49.98 crores, is completely a fresh issue of 7,350,000 equity share; there is no offer for sale (OFS) component. Bhavani Jayaprakash is the company's promoter.
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The company intends to use the net proceeds from the offering to pay for the following things: the company's working capital needs. General corporate purposes and the partial or whole repayment or prepayment of some existing borrowings obtained by the company.
The registrar for the Vishnusurya Projects and Infra IPO is Cameo Corporate Services Limited, while the book running lead manager is Khandwala Securities Limited. Nikunj Stock Brokers is the market maker for the Vishnusurya Projects and Infra IPO.
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The company mines uncut stones and uses crushing facilities and sand washing units to produce aggregates and manufacture sand. In addition to its mining operations, it also work on EPC Projects (building and infrastructure) in all major industries, including water, rail, transportation, resources, and institutional development.
The company is also engaged in buying, selling and providing integrated solutions for drones as a service for surveillance, mapping and surveying purposes, according to Red Herring Prospectus (RHP).
As per the RHP, the listed peers of the company are Rachana Infrastructure Ltd (with P/E of 80.90), Sonu Infratech Ltd (with P/E of 12.32), and AB Infrabuild Ltd (with P/E of 5.60).
Vishnusurya Projects IPO Subscription Status
Vishnusurya IPO subscription status was 44.11 times on day 4. The issue received response from retail investors who's portion set was subscribed 43.63 times, and positive response from non-institutional buyers who's portion set was subscribed 36.32 times, according to data on chittorgarh.com.
The company has received bids for 30,78,64,000 shares against 7,350,000 shares on offer, according to data on chittorgarh.com.
Vishnusurya IPO subscription status was 85% on day 1, and the issue was subscribed 5.16 times on day 2. Vishnusurya IPO subscription status was 10.98 times on day 3.
Vishnusurya Projects IPO GMP today
Vishnusurya Projects IPO GMP today or grey market premium is +10 lower to the previous trading session, which was +20. This indicates Vishnusurya Projects share price were trading at a premium of ₹20 in the grey market on Thursday, according to investorgain.com
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Considering the upper end of the Vishnusurya IPO price band and the current premium in the grey market, the estimated listing price of Vishnusurya Projects share price is ₹78 apiece, which is 14.71% higher than the IPO price of ₹68.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Vishnusurya Projects and Infra IPO Review
“The company is in the infrastructure construction and related service segment. It has posted growth in its top and bottom lines for the reported periods. It has orders on hand worth ₹161+ cr. as of August 31, 2023. Based on FY23 earnings, the issue appears reasonably priced. Investors may park funds for medium to long-term rewards," said Dilip Davda, the contributing editor at Chittorgarh.com.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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