SME IPO V-Marc India subscribed 63% on Second Day

Wires and Cables manufacturer, V-Marc India Ltd; received bids of 37,77,000 shares against the offered 60,00,000 equity shares, as per the 5:00 pm data available on NSE. While the Non-Institutional Investor category was subscribed 1.08 times, the portion reserved for retail investors was subscribed 0.24 times.

The price band set for the issue is between Rs. 37 - Rs. 39 per Equity Share the proposed issuance will be listed on the Emerge Platform of the National Stock Exchange. The company seeks to raise Rs. 23.40 crs via fresh issuance of 60,00,000 equity shares of face value of Rs. 10 each which includes a reservation of upto 3,00,000 equity shares of face value Rs 10 each for subscription; under the "Market Maker Reservation Portion".

V-Marc was incorporated in 2006 and sells BIS and CE certified wires and cables under the brand name "V-MARC" out of its 2 manufacturing facilities in Haridwar, Uttarkhand across a distribution network of more than 650 dealers across 12 states and multiple retail touchpoints having an outreach to 21 states. It caters to a diverse customer base comprising of government companies, PSUs, retailers, distributors, dealers and contractors across industries including power, real estate, telecom and railways.

The Net Proceeds are to fund the capital expenditure of up to Rs. 15 crore for its proposed new manufacturing facility at Roorkee, a working capital requirement of up to of Rs. 5 crore and balance for general corporate purposes.

Pantomath Capital Advisors Pvt Ltd. is the sole book running lead managers to the Issue.

Source : Equity Bulls

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