The proposed bid of the Haridwar-based company will be listed on the Emerge platform of the National Stock Exchange.(iStock)
The proposed bid of the Haridwar-based company will be listed on the Emerge platform of the National Stock Exchange.(iStock)

V-Marc India to open its IPO tomorrow. Here's all you need to know

The company has also raised 327.60 lakh from high net worth investor Madhukar Sheth when it completed its pre-IPO round.
By hindustantimes.com | Edited by Deepali Sharma
PUBLISHED ON MAR 24, 2021 10:38 PM IST

The wires and cables manufacturer V-Marc India Limited is scheduled to open its initial public offering (IPO) on Thursday. The offer with the price band of 37-39 per share will close on March 31.

The proposed bid of the Haridwar-based company will be listed on the Emerge platform of the National Stock Exchange, as reported by news agency PTI.

Here is all you need to know:

> The issue with upto 2,340 lakh comprises a fresh issue of upto 6 million shares of face value 10 each.

> The issue includes reservation of upto 3 lakh equity shares for subscription.

> The company has planned to use the net proceeds from the offer to fund its capital expenditure of up to 15 crore for its proposed new manufacturing unit at Roorkee, Uttarakhand. The working capital requirement calculated to be 5 crore and the rest for corporate purposes.

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> As per the issue structure, 50 per cent of the net issue shall be available for allocation to retail investors and 50 per cent of the net issue will be allocated to non-institutional investors. QIBs can apply in the non-institutional portion.

> The company has also raised 327.60 lakh from high net worth investor Madhukar Sheth when it completed its pre-IPO round.

> One of the promoters of the company, Vikas Garg commenced the business in 2006 in a partnership firm manufacturing and distributing PVC insulated wires and cable and over time evolved to be an established name in the wires and cables business industry. The company offers a diverse portfolio from single and multi-strand cables to CCTV, power, solar, LAN cables and more.

> Pantomath Capital Advisors Pvt Ltd. is the sole book-running lead manager of the offer.

> The revenue from operations for the company in FY 20 amounted to over 17,124 lakhs with an EBITDA of over Rs. 1,304 lakhs and profit after tax of more than 400 lakh.

(With agency inputs)

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