NSE SME Vishwas Agri Seeds drops on debut

Shares of Vishwas Agri Seeds were quoting at Rs 82 on the NSE, a discount of 4.65% compared with the issue price of Rs 86.

The scrip was listed at Rs 85, a discount of 1.16% compared with the initial public offer (IPO) price. The stock is currently down 3.53% over its listing price.

The counter hit a high of Rs 85.70 and a low of Rs 80.75. About 6.94 lakh shares of the company changed hands at the counter.

Vishwas Agri Seeds' IPO was subscribed 11.61 times. The issue opened for bidding on 21 March 2024 and it closed on 26 March 2024. The price band of the IPO was fixed at Rs 86 per share.

The IPO comprised fresh issue of 30,00,000 shares. The promoter and promoter shareholding diluted to 70% from 100% pre-IPO.

The company intends to utilise the net fresh proceeds to furnish the corporate office building, to purchase equipments for setting up seed testing laboratory, to set-up greenhouse (Fan-Pad system), to install roof top solar monocrystalline panels (129.6KW, additional Working capital requirement and general corporate purpose.

Vishwas Agri Seeds is in the business of processing quality seeds and supplying to farmers via the distribution network. The company sells its seeds under the brand name Vishwas. The companys product portfolio includes crop seeds for groundnut, soybean, wheat, cumin, green gram, black gram research hybrid seeds for cotton, castol, pearl millet, maize, hybrid vegetable seeds chilli, tomato, brinjal, watermelon, sweet corn, cabbage, onion, coriander seeds, fenugreek, mustard, lucern, carrot, etc. As on 30 September 2023, the company had 77 employees.

The company recorded revenue from operations of Rs 42.46 crore and net profit of Rs 4.51 crore for the period as on 30 September 2023.

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