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The initial public offer (IPO) of Visaman Global Sales received bids for 35,37,000 shares as against 37,32,000 shares on offer, as per NSE data as of 17:00 hours on Monday (24 June 2024). The issue was subscribed 0.94 times.
The issue opened for bidding on Monday (24 June 2024) and it will close on Wednesday (26 June 2024). The price of the IPO is fixed at Rs 43 per share. The minimum order quantity is 3,000 equity shares. The equity shares will list on NSE’s SME platform.
The IPO comprises fresh issue of 37,32,000 equity shares. The promoter and promoter group shareholding will dilute to 72.98% from 100% Pre-offer.
About 1,92,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 35,40,000 equity shares. The issue and the net issue will constitute 27.02% and 25.63% respectively of the post offer paid up equity share capital of the company.
The company intends to utilize the net proceeds to meet funding to working capital requirements, Funding of capital expenditure requirements of the company towards setting up of a manufacturing facility at Rajkot, Gujarat and general corporate purpose.
Visaman Global Sales engaged in the business of supply of round pipes, square pipes, rectangle pipes, various specification of structural steels, BGL coils, GP (GI) coils, HR coils, CR coils, colour coated coils, MS sheets, GP and GC sheets, CR sheets, HR sheets and plates, colour coated sheets, roofing PUF panel, wall PUF panel etc. It outsources the process of modification and alteration to the third party. Additionally, it facilitates onsite delivery of its products to the customers. The company is one of the dealers of APL Apollo Tubes. As on 15 March 2024, the company has 41 employees.
The company recorded revenue from operations of Rs 206.90 crore and net profit of Rs 1.01 crore for the period as on 31 December 2023.
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