Visaman Global Listing: Stock lists at ₹45, mere 5% premium to IPO price

Visaman Global Sales made a flat market debut today as its shares were listed at ₹45.10 each on NSE SME, indicating a premium of 5% over the issue price of ₹43. The SME IPO, valued at ₹16.05 crore, was open for subscription from June 24 to June 26, 2024, at a price of ₹43 per share. It consisted solely of a fresh issue of 37.3 lakh newly issued shares, without any offer-for-sale component.

The IPO received a healthy response, with an overall subscription of 42 times. Retail investors showed significant interest, subscribing 51.54 times, while other buyers displayed strong enthusiasm with a subscription of 29.12 times.

Also Read: Mason Infratech shares list with 37.5% premium at ₹88 apiece on NSE SME

The business intends to use the net proceeds of the issue to finance the following goals: meeting the company's capital expenditure needs in order to establish a manufacturing facility in Rajkot, Gujarat, India, financing the company's working capital needs as well as general business objectives.

The company is engaged in the business of supplying round pipes, square pipes, rectangle pipes, various specifications 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 panels, etc.

Further, it also provides a credit facility to existing customers as a value-added service. It provides the facility to pay later to the existing customers with good financial records.

Also Read: Shivalic Power Control share price lists with a stellar 211% premium at ₹311

In addition, the company provides the facility of customisation to meet the specific requirements of customers regarding the specific size, length, breadth, thickness, etc. of its products. The company sends the requisition to the manufacturer for customisation of specified products.

Further, in certain cases, if the manufacturer is unable to do the specified customisation, then the same will be done by the third-party process houses. The company outsources the process of modification and alteration to a third party. Additionally, it facilitates onsite delivery of its products to customers. It is one of the dealers for APL Apollo Tubes Limited.

Also Read: Vraj Iron and Steel IPO allotment today. GMP, steps to check allotment status

The company sells its products through a diversified sales and distribution mix, viz., business-to-consumer (B to C), business-to-channel (B to CH), and business-to-business (B to B).

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.