Ahead of the listing, the company’s shares traded with a premium of Rs 13 in the unlisted market.
The IPO, which was completely a fresh equity sale of 37.32 lakh shares, was subscribed over 42 times.
The net proceeds from the public offer will be used for funding capital expenditure requirements towards setting up a manufacturing facility, working capital requirements, and other general corporate purposes.
Visaman Global Sales is engaged in the business of supplying round pipes, square pipes, rectangle pipes, various specifications of structural steels, BGL coils, GP(GI) coils, HR coils, CR coils, color-coated coils, MS sheets, GP and GC sheets, CR sheets, HR sheets, and plates, color coated sheets, roofing PUF panel, wall PUF panel, etc.Also Read: 73% IPOs trading above issue price as primary market shines in H1, four turn multibaggersFurther, the company also provides credit facilities to its existing customers as a value-added service. The facility to pay later to the existing customers with a good financial record, in this case, varies with customers to customers.In addition, it also offers the facility of customization to meet the specific requirements of customers concerning specific size, length, breadth, thickness, etc. of the products.
The company outsources the process of modification and alteration to a third party and also the process of modification and alteration.
The world crude steel production for the 71 countries reporting to the World Steel Association (worldsteel) was 148.1 million tonnes (Mt) in January 2024, a 1.6% decrease compared to January 2023. In the past 10–12 years, India’s steel sector has expanded significantly. Production has increased by 75% since 2008, while domestic steel demand has increased by almost 80%.
For the period ended December 2023, the company clocked total revenues of Rs 207 crore and net profit of Rs 10.1 crore.
Shreni Shares acted as the lead manager to the issue and Link Intime India was the registrar.
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