Vigor Plast India IPO listing: Shares of Vigor Plast India listed at ₹85 on the NSE SME platform on Friday, September 12, a premium of 4.94% as against its initial public offering (IPO) price of ₹81 apiece.
Soon after listing, Vigor Plast India shares extended gains to the day’s high of ₹89, translating into a nearly 10% upside over the issue price.
Vigor Plast India IPO
The IPO of Vigor Plast India had seen a decent demand during the bidding period, closing with 3.88 times subscription. The retail portion was booked 2.49 times, the non-institutional investor (NII) quota was subscribed 7.03 times, and the qualified institutional buyer (QIB) segment saw 3.94 times bids.
Vigor Plast IPO, worth ₹25.10 crore, was a combination of fresh issue of 0.25 crore shares aggregating to ₹20.24 crore and an offer for sale of 0.06 crore shares amounting to ₹4.86 crore.
The shares of Vigot Plast India were sold in the range of ₹77 to ₹81 per share, having a lot size of 1,600 shares. Retail investors needed to apply for a minimum of lots, requiring an investment of ₹2,59,200.
The company plans to use the funds raised from the share sale for repayment of certain borrowings availed, funding capex towards development and construction of new warehouse in Ahmedabad, Gujarat, and general corporate purposes.
Vigor Plast India is engaged in the manufacturing and supplying of CPVC and UPVC pipes and fittings. Its products find usage in various applications, including plumbing, sewage, agriculture, and industrial sectors. The company has established five warehouses in Gujarat, located in Rajkot, Jamnagar, Surat, Ahmedabad, and Dholka.
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