NSE SME Visaman Global Sales gains on debut

Shares of Visaman Global Sales were quoting at Rs 47.35 on the NSE, a premium of 10.12% compared with the issue price of Rs 43.

The scrip was listed at Rs 45.10, a premium of 4.88% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 47.35 and a low of Rs 45.10. About 19.44 lakh shares of the company changed hands at the counter.

Visaman Global Sales' IPO was subscribed 37.84 times. The issue opened for bidding on 24 June 2024 and it closed on 26 June 2024. The price of the IPO was fixed at Rs 43 per share.

 

The IPO comprised fresh issue of 37,32,000 equity shares. The promoter and promoter group shareholding diluted to 72.98% from 100% pre-offer.

The company intends to utilise the net proceeds to meet funding to working capital requirements, Funding of capital expenditure requirements of the company towards setting up of a manufacturing facility at Rajkot, Gujarat and general corporate purpose.

Visaman Global Sales engaged in the business of supply of round pipes, square pipes, rectangle pipes, various specification 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 panel etc. It outsources the process of modification and alteration to the third party. Additionally, it facilitates onsite delivery of its products to the customers. The company is one of the dealers of APL Apollo Tubes. As on 15 March 2024, the company has 41 employees.

The company recorded revenue from operations of Rs 206.90 crore and net profit of Rs 1.01 crore for the period as on 31 December 2023.

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