NSE SME Vision Infra Equipment Solutions were trading at Rs 209 on the NSE, a premium of 28.22% compared with the issue price of Rs 163.
The scrip was listed at Rs 205, a premium of 25.77% over the initial public offer (IPO) price. The stock was currently up 1.95% over its listing price.The counter hit a high of Rs 215.25 and a low of Rs 200. About 22.06 lakh shares of the company changed hands at the counter.
Vision Infra Equipment Solutions' IPO was subscribed 45.29 times. The issue opened for bidding on 6 September 2024 and it closed on 10 September 2024. The price band of the IPO was set at Rs 155 to Rs 163 per share.
The IPO comprised fresh issue of 65,16,000 shares. The promoter and promoter group shareholding will dilute to 70.20% from 95.44% pre-IPO.
The company intends to utilize the net proceeds for funding capital expenditure towards purchase of additional equipment, funding to meet working capital requirements and general corporate purpose.
Ahead of the IPO, Vision Infra Equipment Solutions on 5 September 2024, raised Rs 30.21 crore from anchor investors. The board allotted 18.53 lakh shares at Rs 163 per share to 18 anchor investor.
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Vision Infra Equipment Solutions provides equipment solutions to various industries, including airports, smart cities, irrigation, building and factories, mining, railways, and more. The company offers a comprehensive portfolio of services, including renting of road construction equipment and trading and refurbishing of these machines. These services provide significant advantages such as improved efficiency, cost control, and streamlined supply chain management.
Vision Infra's road construction equipment rental business operates in two rental modes: time-based pricing and output-based pricing. The company boasts a large fleet of equipment from major OEMs like Wirtgen, Case, Luigong, Dynapac, Komatsu, Atlas Copco, Ashok Leyland, Bharat Benz, Eicher Motors, Volvo, Terex Power Screen, Caterpillar, Metro, and BOMAG. These machines are rented out to prominent infrastructure companies like Larsen & Toubro, Ashoka Buildcon, Afcons Infrastructure, NCC, GMR Infraprojects, Shapoorji Pallonji, Dilip Buildcon, Tata Projects, ITD Cementation India, HG Infra Engineering, IRB Infra developers, GR Infra Projects, and others. As of March 31, 2024, the company owned a fleet of 395 road construction equipment and served approximately 133 customers. As on 31 March 2024, its workforce comprised of around 227 permanent and 763 contractual employees.
The company recorded revenue from operations of Rs 332.74 crore and net profit of Rs 26.68 crore for the period as on 31 March 2024. About 50.66% of revenue came from renting the road construction equipment and 49.34% came from trading and refurbishment of road construction equipment.
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