Vinsys IT Services set price band at Rs 121-128/share; IPO to open on Aug 1

IT and software services company Vinsys IT Services India on Tuesday said it has set a price band of Rs 121-128 per share for its initial public offering, which will hit the capital market on August 1.

The public issue will conclude on August 4.

The proceeds from the fresh issue will be utilised for meeting working capital requirements, repayment of loan to a subsidiary and general corporate purpose.

The company shares will be listed on SME Emerge platform of the National Stock Exchange after the Initial Public Offering (IPO), the company said in a statement.

The firm plans to offer 3.89 million equity shares with a face value of Rs 10 each through the book-building process.

The company will raise up to Rs 49.84 crore through the public offering.

Marquee investors such as NAV Capital Emerging Star Fund, xMultiplied, Nova Global Opportunities Fund, Aegis Investment Fund and Sambhavnath Investments have invested in the company's pre-IPO funding.

For the fiscal year ending March 31, 2023, Vinsys clocked a revenue of Rs 157.30 crore and a net profit of Rs 16.02 crore.

Beeline Capital Advisors is the merchant banker, while Link Intime India is the registrar to the issue.