Visaman Global Sales Limited IPO subscribed by nearly 40 times backed by robust retail demand

The initial public offer (IPO) of Visaman Global Sales Limited was subscribed 39.88 times on the third and final day of bidding, Wednesday, June 26. Investors submitted bids for a total of over 14.11 crore shares, surpassing the 35,40,000 shares available for allocation in the SME IPO.

Retail investors showed strong interest in the IPO, subscribing to their allocation 51.53 times. They collectively bid for over 9.12 crore shares against the 17,70,000 shares reserved for them.

Meanwhile, in the Non-Institutional Investor (NII) category, the subscription rate stood at 23.46 times, with bids for 4.15 crore shares against the allocated 17,70,000 shares.

Visaman Global Sales Limited IPO price and other details

Visaman Global Sales IPO is a fixed-price issue of ₹43 per share, valued at ₹16.05 crore. It consists of a fresh issue of 37.32 lakh shares of face value of ₹10 each. This includes a market maker allocation of 1.92 lakh equity shares.

The lot size for applications from retail investors is 3000 shares, requiring them to invest a minimum of ₹1.29 lakh. High Net-Worth Individuals (HNIs) must apply for a minimum of two lots, which is 6,000 shares, requiring an investment of ₹2.58 lakh.

Shreni Shares Limited serves as the book-running lead manager for the Visaman Global Sales IPO, with Link Intime India Private Ltd acting as the registrar for the issue. Shreni Shares is also the market maker for the IPO.

Visaman Global Sales Limited IPO key dates

The subscription window for the Visaman Global Sales IPO opened on Monday, June 24. After the closure of the subscription period, the basis of allotment for the fixed-price issue is scheduled for June 27. This will be followed by the initiation of refunds to unsuccessful applicants and the credit of shares to Demat accounts of successful bidders on June 28.

The Visaman Global Sales Limited IPO’s anticipated listing date on the NSE SME platform is set for July 1, 2024.

Visaman Global Sales Limited IPO objectives

Visaman Global Sales Limited plans to allocate the net proceeds from the IPO to strengthen its operational infrastructure and capabilities. A portion of the proceeds will be allocated towards financing capital expenditure for establishing a manufacturing facility in Rajkot, Gujarat. The IPO proceeds will also be used to fund the company’s working capital requirements and general corporate purposes.

About Visaman Global Sales Limited

Visaman Global Sales Limited was incorporated in June 2019. The company is a supplier of a range of products including pipes, structural steels, coil, and wall PUF panels. In addition to warehouses in Madhya Pradesh and Gujarat, Visaman Global Sales operates a stockyard in Gujarat.

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