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14 December 2023

Vishnusurya Projects and Infra IPO: Paving the Path to Growth

Introduction:

Vishnusurya Projects and Infra IPO, a fixed price issuance totaling Rs 49.98 crores, represents an entire fresh issue of 73.5 lakh shares. The bidding phase spanned from September 29, 2023, to October 5, 2023, with the allotment finalized on October 9, 2023. The shares made their debut on NSE SME on October 10, 2023.

Pricing and Share Dynamics:

The IPO, priced at ₹68 per share, mandated a minimum application lot size of 2000 shares. Retail investors were required to invest a minimum of ₹136,000, while High Net Worth Individuals (HNIs) had a minimum investment criterion of 2 lots (4,000 shares), equivalent to ₹272,000.

Market Performance Overview:

As of December 15, 2023, Vishnusurya Projects And Infra Ltd (VISHNUINFR) was quoted at ₹340.40, experiencing a 5.00% decline. The stock opened at ₹341.40, touched a high of ₹354.00, and a low of ₹340.40. The previous close was ₹358.30, with a total traded value of 1,58,000. Visual representation across 7 days, 15 days, 1 month, 3 months, 6 months, 1 year, 18 months, and 2 years provides a comprehensive analysis.

Key IPO Highlights:

- IPO duration: September 29, 2023, to October 5, 2023
- Listing Date: October 10, 2023
- Face Value: ₹10 per share
- IPO Price: ₹68 per share
- Lot Size: 2000 Shares
- Total Issue Size: 7,350,000 shares, aggregating up to ₹49.98 Cr
- Fresh Issue: 7,350,000 shares, aggregating up to ₹49.98 Cr
- Issue Type: Fixed Price Issue IPO
- Listing At: NSE SME

Equity Transition:

Pre-IPO, the company held 17,259,671 shares, which increased to 24,609,671 post the IPO. The issuance also included a market maker portion of 370,000 shares, managed by Nikunj Stock Brokers.

IPO Subscription Dynamics:

The IPO allocation was distributed strategically, with 7,350,000 shares on offer. This comprised 370,000 (5.03%) for Market Makers, 3,490,000 (47.48%) for Non-Institutional Investors (NIIs), and an equal percentage of 3,490,000 (47.48%) for Retail Individual Investors (RIIs).

IPO Timeline Snapshot:

- IPO Open Date: Friday, September 29, 2023
- IPO Close Date: Thursday, October 5, 2023
- Basis of Allotment: Monday, October 9, 2023
- Initiation of Refunds: Tuesday, October 10, 2023
- Credit of Shares to Demat: Tuesday, October 10, 2023
- Listing Date: Tuesday, October 10, 2023
- Cut-off time for UPI mandate confirmation: 5 PM on October 5, 2023

Lot Size Landscape:

Investors had the flexibility to bid for a minimum of 2000 shares and in multiples thereof. The table below outlines the investment parameters for retail investors and HNIs:

Application	Lots	Shares	Amount
Retail (Min)	1	2000	₹136,000
Retail (Max)	1	2000	₹136,000
HNI (Min)	2	4000	₹272,000

Promoter Holdings Shift:

Bhavani Jayaprakash, the company's promoter, observed a transition in pre-issue promoter holding from 88.74% to 62.24% post the IPO.

Company Profile:

Established in 1996, Vishnusurya Projects and Infra Ltd is actively engaged in the mining of rough stones and the manufacturing of aggregates and manufactured sand. The company's business verticals include Engineering, Procurement, and Construction (EPC) and Mining of Aggregates.

Financial Performance Overview:

As of March 31, 2023, the company reported total assets of ₹12,105.28 lakhs, revenue of ₹13,326.06 lakhs, and a net profit of ₹1,736.64 lakhs. Key financial indicators include a market cap of ₹167.35 crores, P/E (x) at 2.69, ROE of 27.86%, ROCE of 31.22%, debt/equity at 1.03, EPS of ₹25.3, and RoNW of 27.86%.

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