Vishnusurya Projects debuts on NSE Emerge at 12% premium
The Hindu
Vishnusurya Projects and Infra Ltd., based in Chennai, made its debut on NSE Emerge at ₹76 per share, 12% higher than the issue price. The IPO was oversubscribed by 44 times, raising ₹50 crore. The funds will be used to meet working capital needs and repay long-term debts. In FY23, the company posted a turnover of ₹135 crore and expects to reach ₹250 crore in the current fiscal. The fresh infusion of funds will help the company expand its footprint.
City-based Vishnusurya Projects and Infra Ltd., made its debut on NSE Emerge at ₹76 per share, nearly 12% higher than the issue price of ₹68.
The IPO, based on a fresh issue of 73.50 lakh equity shares, was oversubscribed by 44 times.
“We raised about ₹50 crore and intend to use the net proceeds to meet our working capital needs of ₹30 crore, and for the repayment of ₹9 crore long-term debts,” Chief Executive Officer V. Sanal Kumar told The Hindu.
In FY23, the company posted a turnover of ₹135 crore and expect to end the current fiscal at ₹250 crore based on huge EPC contract of ₹140 crore, mining ₹90 crore and roads and bridges.
“The fresh infusion of funds will help us continue to expand our footprint. We look forward to delivering better results year after year,” he said.