R ARIVANANTHAM
CHENNAI, OCT 10
The Chennai-based Vishnusurya Projects and Infra Limited, among the leading players in the fields of construction, infrastructure development, mining, and aggregates in South India, has made its debut on NSE Emerge on Tuesday at ₹ 76 per share, nearly 12% higher than the issue price of ₹ 68.
The #NSEBell has rung in the celebration of the listing ceremony of Vishnusurya Projects and Infra Limited on NSE Emerge today in Chennai.#NSE #NSEIndia #NSEEmerge #listing #IPO #StockMarket #ShareMarket #VishnusuryaProjectsandInfraLimited @ashishchauhan pic.twitter.com/ugBGtHdOnT
— NSE India (@NSEIndia) October 10, 2023
Vishnusurya Projects IPO price band was set at ₹68 per equity share of face value of ₹10 each. Vishnusurya IPO lot size was 2,000 equity shares and in multiples of 2,000 equity shares thereafter. Vishnusurya Projects and Infra IPO opened for subscription on Friday, September 29, and closed on Thursday, October 5.
Congratulations Vishnusurya Projects and Infra Limited on getting listed on NSE Emerge today in Chennai! The Company is engaged in mining of rough stones and manufacturing of aggregates & Manufacture-sand. The public issue was of Rs.4,998.00 lakhs at an issue price of Rs.68 per… pic.twitter.com/aGDo0WN6Gf
— NSE India (@NSEIndia) October 10, 2023
Vishnusurya IPO, which is worth ₹49.98 crores, is completely a fresh issue of 7,350,000 equity share; there is no offer for sale (OFS) component. Bhavani Jayaprakash is the company’s promoter.
The company intends to use the net proceeds to meet its working capital needs, and for the partial or full repayment of long-term debts. The company’s debt equity ratio is close to one. In the recently concluded financial year (2022-23), the company registered a turnover of ₹ 135 crores. Khandwala Securities Limited was the lead manager of the issue, while Saffron Capital Advisors Private Limited and TRANS Corporate Advisory served as IPO advisors.
Vishnusurya was started in 1996. It has several years of collective experience in the construction and engineering industry. The company has a substantial presence in mining operations. It also works on EPC Projects (building and infrastructure) in all major industries, including water, rail, transportation, resources, and institutional development. The company provides direct employment to 300 skilled professionals.
The company has a strong footprint in Tamil Nadu, and a track record of sustainable growth, a strong balance sheet, a sound liquidity profile, the breadth and depth of resources and a track record of repeat clients to deliver challenging infrastructure and large EPC projects.
In their comments, S. Neelakantan, and V. Sanal Kumar, Directors thanked the investors for their overwhelming support and informed that the company is well-positioned with a roster of ongoing major projects, and a robust pipeline of future project pursuits in the industrial, commercial, development, and residential sectors.
Speaking to reporters on the sidelines of the listing at the NSE Emerge, Sanal Kumar said that there are 7 infrastructure projects including fishing, National Highways etc. Replying to a query, he said that the company expected to attain Rs… 250 Crore turnover during the current fiscal. Based on the response, the company will think over listing its stocks in other stock exchanges in the country, he added.
They added: “We are a dedicated team of construction experts, service providers, contractors, suppliers, and consultants. Over the years, we have successfully completed several key infrastructure constructions, and projects across diverse market segments and have diversified exposures across property, civil, infrastructure, greenfield sites, mining, and aggregates sectors. The fresh infusion of funds will help us continue to expand our footprint. We look forward to delivering better results year after year.”
