Vivid Electromech IPO Concludes with Mild Response from Investors

IPO Details

The initial public offering (IPO) of Vivid Electromech, a manufacturer of electrical panels and automation systems, concluded on Monday, March 30, after opening for public subscription on Wednesday, March 25. The SME IPO was priced in a band of ₹528 to ₹555 per share.

Subscription Status

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As of 10:50 am on Monday, the SME IPO had seen an overall subscription of 0.67 times, with the retail portion booked at 0.16 times. However, the NII and QIB segments had been fully subscribed.

Grey Market Premium

According to grey market sources, the grey market premium (GMP) of Vivid Electromech shares on Monday morning was nil, indicating that the stock may list at par with the issue price of ₹555 on the NSE SME.

IPO Highlights

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The SME IPO was a book build issue, combining a fresh issue of 18,84,000 shares aggregating to about ₹105 crore and an offer for sale (OFS) of 4,68,000 shares for nearly ₹26 crore. Hem Securities was the book-running lead manager, and MUFG Intime India was the registrar of the Vivid Electromech IPO.

Listing Information

Share allotment is expected to be finalised on Thursday, April 2, and shares of the company may be credited to the demat accounts of successful bidders on Monday, April 6, due to stock market holidays on April 3-5. The stock is to list on the NSE SME on Tuesday, April 7.

Company Overview

As per the Red Herring Prospectus (RHP) of the issue, Vivid Electromech manufactures low-voltage (LV) and medium-voltage (MV) electrical panels and automation systems, catering to sectors such as data centre and technology, infrastructure, construction and real estate, including metro projects, solar and renewable energy, industrial manufacturing and machinery, etc.