Vishal Nirmiti shares list at 2% discount over IPO price on NSE, BSE
On October 8, Vishal Nirmiti made a subdued debut in the stock market, listing below the issue price. This IPO, amounting to Rs 178 crore, included both a fresh issue and an offer for sale. Subscription rates were notably high among retail and non-institutional investors. Proceeds from the IPO are set to support working capital needs and repay loans.
Vishal Nirmiti shares opened at a 2.27% discount to the issue price of Rs 220 on the BSE and NSE, trading at Rs 215 each on their weak debut. The company raised Rs 178 crore through its IPO, issuing 65.91 lakh shares and an offer for sale of 15 lakh shares worth Rs 33 crore. The overall subscription was 1.79 times, with retail investors representing 1.75 times of the total.
The company plans to use the net proceeds, amounting to Rs 94 crore, to fund working capital requirements, repay term loans, and meet general corporate purposes.
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