Stories
Vishal Nirmiti IPO Booked 57% on Day 2; GMP Signals 16% Listing Premium
- •Vishal Nirmiti's Rs 178-crore IPO saw a 57% subscription on Day 2, with bids for 48,35,208 shares against 84,71,153 on offer.
- •Non-institutional investors subscribed 80%, while the retail portion reached 47% subscription.
- •The IPO comprises a fresh issue of Rs 145 crore and an Offer for Sale (OFS) of Rs 33 crore, with a price band of Rs 208-220 per share.
- •The Grey Market Premium (GMP) for Vishal Nirmiti IPO is Rs 35, indicating a potential 16% listing premium over the upper price band.
- •The company plans to utilize net proceeds for working capital requirements and repayment of term loans, with the IPO closing on October 5 and tentative listing on October 8.
Key Questions Answered
On the second day of bidding, the Rs 178-crore Vishal Nirmiti IPO was booked 57 percent, with bids received for 48,35,208 shares. Meanwhile, its grey market premium (GMP) stood at Rs 35, indicating a 16 percent listing premium over the upper price band.
The IPO price band is fixed at Rs 208 to Rs 220 per share with a lot size of 68 shares, requiring retail investors to invest a minimum of Rs 14,960. The public issue closes on October 5, share allotment is expected on October 6, and tentative listing on the NSE and BSE is set for October 8.
Out of the Rs 94 crore in net proceeds from the fresh issue, Vishal Nirmiti has earmarked Rs 75 crore to fund working capital requirements and Rs 19 crore to repay or pre-pay term loans. The remaining funds will be directed toward meeting general corporate purposes.
