Vision Infra Equipment Solutions' IPO received an overwhelming response, with a 63.30 times subscription on the final day. The IPO, valued at Rs 106.21 crore, was listed on NSE's SME platform Emerge.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Sep 10 (PTI) The initial share sale of Vision Infra Equipment Solutions garnered a whopping 63.30 times subscription on the closing day of bidding on Tuesday.
The Rs 106.21 crore initial public offering (IPO) received bids for 29,51,36,000 shares against 46,62,400 shares for offer, the NSE data showed.
The category for Non-Institutional Investors (NIIs) received 180.75 times subscription while the part for qualified institutional buyers subscribed 60.94 times. Also, the retail individual investors portion got 24.13 times subscription.
The Pune-based firm's IPO will be listed on NSE's SME platform Emerge.
Last week, the company said it raised Rs 30.21 crore from anchor investors.
The IPO is entirely a fresh issue of 65.16 lakh shares. The company has fixed a price band of Rs 155-163 per share.
Proceeds from the public issue will be utilised towards funding the capital expenditure towards the purchase of additional equipment, to meet working capital requirements and general corporate purposes.
Founded in 2015, Vision Infra Equipment Solutions provides services in the fields of airports, smart cities, irrigation, buildings and factories, mining, railroads, etc.
The company has a large fleet of major original equipment manufacturers like Wirtgen, Case, Luigong, Komatsu, Bharat Benz, Eicher Motors and Caterpillar, which is rented out to infra companies like L&T, Ashoka Buildcon, Afcons Infra, NCC, GMR Infraprojects and Tata Projects Ltd.
As of March 31, 2024, the company owns a fleet of 395 road construction equipment.
Hem Securities Ltd is the sole-book running lead manager while Link Intime India Pvt Ltd is the registrar for the issue.
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