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Vishnusurya Projects IPO Lists on NSE Emerge; Raises about Rs. 50 Crore

  • The IPO is based on a fresh issue of 73,50,000 equity shares. It currently lists at Rs. 76 per share, nearly 12% higher than the issue price of Rs. 68


Chennai, 10 October 2023: The Chennai-based Vishnusurya Projects and Infra Limited, among the leading players in the fields of construction, infrastructure development, mining, and aggregates in South India, has made its debut on NSE Emerge today at Rs. 76 per share, nearly 12% higher than the issue price of Rs. 68.

The company’s Initial Public Offering (IPO) opened for subscription on Friday, September 29, and closed on Thursday, October 5. The IPO, based on a fresh issue of 73,50,000 equity shares, garnered an overwhelming oversubscription rate of 44 times. The stock traded with a volume of 31,44,000 shares. Concluding its IPO, the company has raised Rs. 49.98 crore.

The company intends to use the net proceeds to meet its working capital needs, and for the partial or full repayment of long-term debts. The company’s debt equity ratio is close to one. In the recently concluded financial year (2022-23), the company registered a turnover of Rs. 135 crores. Khandwala Securities Limited was the lead manager of the issue, while Saffron Capital Advisors Private Limited and TRANS Corporate Advisory served as IPO advisors.

Vishnusurya was started in 1996. It has several years of collective experience in the construction and engineering industry. The company has a substantial presence in mining operations. It also works on EPC Projects (building and infrastructure) in all major industries, including water, rail, transportation, resources, and institutional development. The company provides direct employment to 300 skilled professionals.

The company has a strong footprint in Tamil Nadu, and a track record of sustainable growth, a strong balance sheet, a sound liquidity profile, the breadth and depth of resources and a track record of repeat clients to deliver challenging infrastructure and large EPC projects.

In their comments, *Mr. S. Neelakantan, and Mr. V. Sanal Kumar, Directors* thanked the investors for their overwhelming support and informed that the company is well-positioned with a roster of ongoing major projects, and a robust pipeline of future project pursuits in the industrial, commercial, development, and residential sectors.

They added: “We are a dedicated team of construction experts, service providers, contractors, suppliers, and consultants. Over the years, we have successfully completed several key infrastructure constructions, and projects across diverse market segments and have diversified exposures across property, civil, infrastructure, greenfield sites, mining, and aggregates sectors. The fresh infusion of funds will help us continue to expand our footprint. We look forward to delivering better results year after year.”

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