Vishal Retail hits high of Rs 780 on day one
Fabulous opening for Vishal Retail on day one though below analysts expectations but on the back of huge appetite from HNIs and Retail Investors, it touched a high of Rs 784.40 because at the time of subscription period, HNIs and retail had given heavy response to the issue and
It has listed with 75% premium at Rs 472.5 on the NSE against its issue price of Rs 270 and touched a high of Rs 784.40 on the back of huge buying interest from High Networth and Retail investors and also strong opening of markets.
At 10:05, the share was trading at Rs 765.80, up 183.63%, with volumes of 35,60,646 shares on the NSE. The turnover was at Rs 266.48 crore.
The company had come out with an initial public offering, IPO of equity shares at the price band between Rs 230 - Rs 270 per equity share of Rs 10 each. The proceeds from the IPO will be used to meet the expenses of establishing new retail stores and to meet the expenses of the issue. The issue subscribed 81 times with the strong support from HNIs, which portion subscribed 370 times.
The company proposes to invest the proceeds of the issue to establish new retail stores. Of the total 32 stores to be set up this year, the IPO will fund for the establishment of 22 stores. The company will deploy Rs 104.15 crore of the net issue proceeds for setting up the stores in the current year. The setting up of the remaining stores will be funded through internal accruals.
The company will lease the real estate space for the stores and not buy the property.
Regards ,
Lucky....
Fabulous opening for Vishal Retail on day one though below analysts expectations but on the back of huge appetite from HNIs and Retail Investors, it touched a high of Rs 784.40 because at the time of subscription period, HNIs and retail had given heavy response to the issue and
It has listed with 75% premium at Rs 472.5 on the NSE against its issue price of Rs 270 and touched a high of Rs 784.40 on the back of huge buying interest from High Networth and Retail investors and also strong opening of markets.
At 10:05, the share was trading at Rs 765.80, up 183.63%, with volumes of 35,60,646 shares on the NSE. The turnover was at Rs 266.48 crore.
The company had come out with an initial public offering, IPO of equity shares at the price band between Rs 230 - Rs 270 per equity share of Rs 10 each. The proceeds from the IPO will be used to meet the expenses of establishing new retail stores and to meet the expenses of the issue. The issue subscribed 81 times with the strong support from HNIs, which portion subscribed 370 times.
The company proposes to invest the proceeds of the issue to establish new retail stores. Of the total 32 stores to be set up this year, the IPO will fund for the establishment of 22 stores. The company will deploy Rs 104.15 crore of the net issue proceeds for setting up the stores in the current year. The setting up of the remaining stores will be funded through internal accruals.
The company will lease the real estate space for the stores and not buy the property.
Regards ,
Lucky....