ENA MSME 2024-05-28 17:31:57 <p><span style="font-size:14px"><strong>New Delhi, May 28 (KNN)</strong> The initial public offering (IPO) of Vilas Transcore Limited, a manufacturer of components for the power distribution and transmission sector, witnessed strong investor interest on the first day of the issue opening.</span></p> <p><span style="font-size:14px">As on Monday, May 27, 2024, the company received bids for 4.53 crore equity shares against the 64.80 lakh shares on offer, representing a subscription of 7 times, according to data from the National Stock Exchange.</span></p> <p><span style="font-size:14px">The IPO, which open will close on Wednesday, has a price band of Rs 139 to Rs 147 per equity share.</span></p> <p><span style="font-size:14px">The minimum order quantity is set at 1,000 shares, and the equity shares will be listed on the NSE's SME platform upon allotment.</span></p> <p><span style="font-size:14px">The public issue comprises a fresh issue of 64.80 lakh equity shares, and the promoter and promoter group's shareholding will dilute from 99.97 per cent to 73.14 per cent post-IPO.</span></p> <p><span style="font-size:14px">A portion of 3.26 lakh equity shares has been reserved for subscription by market makers.</span></p> <p><span style="font-size:14px">Vilas Transcore intends to utilise the net proceeds from the IPO for strategic investments and acquisitions, funding capital expenditure towards the construction of a factory building and the acquisition and installation of additional plant and machinery, as well as for general corporate purposes.</span></p> <p><span style="font-size:14px">Ahead of the IPO, the company raised Rs 27.12 crore through an anchor investor allocation on Friday, May 24, 2024, allotting 18.45 lakh shares at Rs 174 per share to nine anchor investors.</span></p> <p><span style="font-size:14px">Vilas Transcore is engaged in the manufacturing and supply of components used in the power distribution and transmission sector, primarily catering to transformer and other power equipment manufacturers in India and abroad.</span></p> <p><span style="font-size:14px">The company's product range includes electrical lamination cold-rolled grain-oriented (CRGO) lamination cores, CRGO slit coils, CRGO stacked (assembled cores), CRGO wound cores, and CRGO toroidal cores, primarily used in power transformers, distribution transformers, dry-type transformers, high-voltage or medium-voltage and low-voltage current transformers.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 37976 https://knnindia.co.in/news/newsdetails/msme/vilas-transcore-ipo-oversubscribed-7x-on-day-1-before-listing-at-nses-sme-platform 2024-05-28 17:31:57 knnindia.co.in