by Suman Gupta
IPO was subscribed 89 times; Retail Investor category subscribed 111 times, receives bids of over 14.42 crore shares; QIB portion subscribed 37 times, while NII portion was subscribed 106 times
Anchor Book investors include Zinnia Global Fund, Rajasthan Global Securities, VPK Global Ventures, Negen Undiscovered Value Fund, Minerva Venture Funds and LRSD Securities
Singapore-based NAV Capital Emerging Star Fund, Swiss-based xMultiplied, Nova Global Opportunities Fund, Aegis Investment Fund and Sambhavnath Investments, among others invested in the pre-IPO round-off funding
August 11, 2023: Vinsys IT Services, the 99th company from Maharashtra to be listed, made a firm debut on NSE’s Emerge platform. The stock today listed at Rs 207.25, a 62% premium to the issue price of Rs 128 per share. The stock finally settled at Rs 217.60, a premium of 70% over its issue price.
In intra-day trades, the company’s stock touched a high of Rs 217.60, which also was the closing level for the day, and a low of Rs 200.10, up 56% to its issue price. On the volume front, a total of 18.45 lakh shares changes hands, while traded value stood at Rs 40 crore.
Vinsys IT’s IPO had received tremendous response from investors across the categories. The public issue of the Pune headquartered global IT and software services company was subscribed 89 times. The company’s public issue received bids of over 23.03 crore shares amounting to Rs 2,948.83 crores against the offer size of 25.91 lakh shares.
Among the investor category, the Qualified Institutional Buyers’ (QIB) portion was subscribed 36.95 times, receiving bids for over 2.73 crore shares as against 7.40 lakh shares on offer. The Retail Investor category participated with great enthusiasm and the portion was subscribed 111.38 times, receiving bids for over 14.42 crore shares as against 12.95 lakh shares on offer. Finally, the Non-Institutional Buyers’ category was subscribed 105.72 times and received bids for over 5.87 crore shares against 5.56 lakh shares on offer.
The company had also received strong response to its Anchor Book position, which was fully subscribed with the allocation of 11.08 lakh equity shares (FV of Rs. 10 each) at the higher price band of Rs. 128 per share – collecting Rs. 14.18 crore.
Zinnia Global Fund PCC – Cell Dewcap Fund was allocated 400,000 equity shares (36.10%) and Minerva Venture Funds subscribed 252,000 shares (22.74%). LRSD Securities subscribed to 195,000 shares (17.60%), while Rajasthan Global Securities bagged 101,000 shares (9.12%). VPK Global Ventures and Negen Undiscovered Value Fund were each allocated 80,000 equity shares (7.22% per Fund). The company offered 3.89 million equity shares of Rs 10/- each at a price band of Rs 121/- to Rs 128/-, through the book-building process. Beeline Capital Advisors was the merchant banker to the issue, while Link Intime India was mandated as the registrar to the issue. The company raised Rs 49.84 crore through the public offering.
The IPO proceeds from the fresh issue will be utilised for meeting working capital requirements, repayment of loan to subsidiary and general corporate purpose. Marquee investors led by overseas funds, including NAV Capital Emerging Star Fund and xMultiplied, and domestic players, such as Nova Global Opportunities Fund, Aegis Investment Fund and Sambhavnath Investments, have invested in the company’s pre-IPO funding.
