Shares of Vishwaraj Sugar Industries were trading at Rs 60.25 at 10:30 IST on BSE, a premium of 0.42% over the initial public offer price of Rs 60.
The stock debuted at Rs 61.20, a premium of 2% to the initial public offer (IPO) price. So far the stock hit a high of Rs 61.20 and low of Rs 60.25. On BSE, so far 25,000 shares were traded on the counter.
The IPO opened for bidding on 30 September 2019 and it closed on 4 October 2019. The price band for the issue was fixed at Rs 55 to Rs 60 per share. The IPO of Vishwaraj Sugar Industries was subscribed 1.12 times.
The IPO consisted of fresh issue of up to 30 lakh shares and offer for sale of up to 70 lakh shares. The objects of the net fresh issue is to raise funds for funding working capital requirement (Rs 15.70 crore), and general corporate purpose.
On a consolidated basis, Vishwaraj Sugar Industries reported a net loss of Rs 17.62 crore on net sales of Rs 286.21 crore in the financial year ended on 31 March 2019.
Vishwaraj Sugar Industries is an integrated sugar and other allied products manufacturing company operating from Belgaum district in Karnataka. It operates a single location sugar unit having licensed crushing capacity of 11,000 tons of cane per day (TCD). The company also manufactures other allied products like rectified spirits, extra-neutral spirits, indian made liquor, vinegar, compost, carbon dioxide (CO2), etc. and are further engaged in the generation of power for captive consumption as well as external sale. Its business can hence be broken up into five main segments namely sugar, co-generation, distillery, Indian made liquor (IML) and vinegar.
In the last financial year, the company produced 32,170 tonnes of sugar and manufactured approximately 1,23,060 boxes of IML, 1,07,79 KL of industrial vinegar, 3156.59 KL of rectified spirit and 969.47 KL of extra-neutral spirit.
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