Visaman Global shares lists at 4% premium on NSE SME against issue price of Rs 43

Visaman Global Sales specialises in supplying a diverse range of pipes, structural steels

Shares of Visaman Global Sales made a strong debut on the NSE SME, opening at Rs 45.1 per share, up 2 percent from its issue price of Rs 43 per share. The Rs 16.15 crore public issue of Visaman Global was subscribed more than 40 times on the final day of bidding.

Visaman Global Sales specialises in supplying a diverse range of pipes, structural steels, roofing PUF panels, and wall PUF panels. The company outsources modification and alteration processes to third parties and ensures on-site delivery to customers. It is also a dealer for APL Apollo Tubes.

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The company aimed to raise Rs 16.05 crore through this public issue, which consists entirely of a fresh issue of 37.32 lakh equity shares. The funds are intended for capital expenditure, establishing a manufacturing facility in Rajkot, Gujarat, working capital requirements, and general corporate purposes.

For the Visaman Global Sales IPO, Shreni Shares was the book-running lead manager, and Link Intime India Private was designated as the registrar to handle the offering. The subscription window for the Visaman Global IPO was open from June 24 to June 26.

In the nine months ending FY24, Visaman Global's revenue stood at Rs 206 crore, down from Rs 376 crore in FY23. The company's net income was Rs 1.02 crore for 9MFY24, compared to Rs 1.13 crore in FY23, while expenses were Rs 205.68 crore.

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