Vinsys IT Services IPO gets fully subscribed

Vikrant Patil, CEO & MD, Vinsys IT Services India Ltd

NATIONAL, 1st AUGUST, 2023 (HPN): Vinsys IT Services’ initial public offer (IPO), estimated to be worth Rs 49.8 crore, hit Dalal Street on Tuesday. The SME IPO will remain open till Friday, August 4. Vinsys IT Services is a provider of IT and software services.

The IPO of Vinsys IT Services India Limited (Vinsys IT), is set to open today. The Anchor Book of the global IT and software services company headquartered in Pune, was fully subscribed with the allocation of 11.08 lakh equity shares (FV of Rs. 10 each) at the higher price band of Rs. 128 per share – collecting Rs. 14.18 crore.

Zinnia Global Fund PCC – Cell Dewcap Fund was allocated 400,000 equity shares (36.10%) and Minerva Venture Funds subscribed 252,000 shares (22.74%). LRSD Securities subscribed to 195,000 shares (17.60%), while Rajasthan Global Securities bagged 101,000 shares (9.12%). VPK Global Ventures and Negen Undiscovered Value Fund were each allocated 80,000 equity shares (7.22% per Fund).The company will offer 3.89 million equity shares of Rs 10/- each at a price band of Rs 121/- to Rs 128/-, through the book-building process. 

Of the total issue size of 38.94 lakh shares, the company has allocated 18.48 lakh shares for Qualified Institutional Buyers (including Rs. 11.08 lakh for Anchor Investors) and 5.56 lakh shares for Non-Institutional Investors. For Retail Investors, the company has set aside 12.95 lakh shares for allocation. The minimum application lot size is 1000 equity shares.Beeline Capital Advisors are the merchant banker to the issue, while Link Intime India is the registrar to the issue. 

The company will raise Rs 49.84 crore through the public offering. The issue will close on August 04, 2023.The company’s shares will be listed on the NSE’s Emerge platform. The IPO proceeds from the fresh issue will be utilised for meeting working capital requirements, repayment of loan to subsidiary and general corporate purpose.

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