Haridwar based, V-Marc India subscribed 1.54 times on issue closing

Wires and Cables manufacturer, V-Marc India Ltd; received bids of 92,49,000 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 1.44 times, the portion reserved for retail investors was subscribed 1.80 times.

The price band set for the issue was between Rs. 37 - Rs. 39 per Equity Share and the proposed issuance is to be listed on the Emerge Platform of the National Stock Exchange.

The company showed intent raise Rs. 23.40 crs via fresh issuance of 60,00,000 equity shares of face value of Rs. 10 each which included a reservation of upto 3,00,000 equity shares of face value Rs 10 each for subscription; under the "Market Maker Reservation Portion" and the net proceeds are to fund its capital expenditure for its proposed manufacturing facility at Roorkee besides working capital and general corporate purposes.

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.

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

Source : Equity Bulls

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