Vishnusurya Projects and Infra shares were locked in upper circuit on NSE Emerge, soon after listing with 7 percent premium to issue price of Rs 68. At 11 am, the stock was quoting at Rs 76.65.
The company is engaged in the mining of rough stones and manufacturing of aggregates and manufacture-sand by using crushing plants and sand washing plants.
As per the prospectus, the company has three business verticals - EPC (engineering, procurement, and construction), mining, and drones or unarmed aerial vehicles.
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The IPO was subscribed 44.11 times overall. The public issue was subscribed 43.63 times in the retail category and 36.32 times in the non-retail category. The Rs 50 crore funds raised will be used for working capital requirements, repayment of certain outstanding borrowings and general corporate purposes, said the company.
At the issue price of Rs 68, the company's trailing price-to-earnings ratio of 2.69x. In Fy23, the company's topline grew 38.75 percent year-on-year to Rs 133.26 crore. However, bottomline fell 19.5 percent YoY to Rs 17.36 crore from Rs 21.58 crore in FY22.
No broking house covered this SME IPO.
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