Vishnusurya Projects, a firm operating in the mining and manufacturing sector with EPC operations and drone technology, witnessed its stock climb on NSE Emerge to ₹76.65 by 01:30 ET (05:30 GMT) on Tuesday, after being listed at a 7% premium.
The company's initial public offering (IPO) was significantly oversubscribed, with overall subscriptions reaching 44.11 times the available shares. The retail subscriptions hit an impressive 43.63 times, while non-retail subscriptions were not far behind at 36.32 times.
The successful IPO raised a substantial ₹50 crore (INR100 crore = approx. USD12 million). Vishnusurya Projects has earmarked these funds for working capital, debt repayment, and general corporate purposes. The strong market response to the IPO and the subsequent rise in stock value indicate investor confidence in the company's future prospects.
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