Vishnusurya Projects and Infra
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 Sep 2023 – 05 Oct 2023
- Listing date
- 10 Oct 2023
- Face value
- ₹10 per share
- Issue price
- ₹68 per share
- Lot size
- 2,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹49.98 Cr
- Market cap at offer price
- ₹167 Cr
- Promoter holding
- 88.74% → 62.24% pre-issue → post-issue
- ISIN
- INE0PQ001012
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Khandwala Securities Ltd.
- Registered office
- 2 nd Floor, Qbas Temple Tower, No.76/25, North Mada Street, Mylapore, Tamil Nadu
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 3,70,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹68
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,36,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,72,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,52,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,88,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 25.30 | — |
| P/E (×) | 2.69 | — |
| Market cap | — | ₹167 Cr |
Key performance indicators
- Return on net worth
- 27.86%
- ROCE
- 31.22%
- Debt / equity
- 1.03
- PAT margin
- 12.44%
- NAV per share
- ₹99.41
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Vishnusurya Projects and Infra
Vishnusurya Projects and Infra Limited (VPIL) was incorporated on May 17, 1996 as Surya Developers and Promoters Private Limited, was renamed Vishnusurya Logistics Private Limited in 2010, and was converted into a public limited company and renamed Vishnusurya Projects and Infra Limited in May 2023. Headquartered in Chennai, Tamil Nadu, it operates three business verticals: (1) engineering, procurement and construction (EPC) of infrastructure projects across water, transportation, rail, resource and institutional development sectors - it is a Class I contractor accredited with the Greater Chennai Corporation, Tamil Nadu Water Resources Department, TWAD Board and Highways Department, is ISO 9001:2015 compliant, and had an order book of Rs.16,153 lakhs across five ongoing projects as of August 31, 2023; (2) mining of rough stones (blue metal) and manufacture of aggregates and M-sand at owned quarries with crusher and sand-washing plants at Aruppukottai (about 107 acres) and Vandavasi (about 42 acres); and (3) drones/unmanned aerial vehicles - buying, selling and providing integrated drone solutions for surveillance, mapping and surveying, including NHAI empanelment for aerial videography through a consortium with Garuda Aerospace. It has also executed real estate projects (villas, apartments, flats) in the past. VPIL earns revenue mainly from sale of construction aggregates and M-sand (FY2023: Rs.7,484.75 lakhs), EPC/construction contract receipts (FY2023: Rs.3,599.54 lakhs), drone sales and videography services (FY2023: Rs.101.58 lakhs), and historically from flat sales. On a restated consolidated basis, total income rose from Rs.6,339.33 lakhs in FY2021 to Rs.13,326.06 lakhs in FY2023, and profit after tax from Rs.403.39 lakhs to Rs.1,658.10 lakhs over the same period.
Company Analysis
from RHPVishnusurya Projects and Infra Limited is a Chennai-based construction and infrastructure (EPC) company that also mines aggregates and manufactures M-sand and provides drone-as-a-service solutions for surveillance, mapping and surveying, operating primarily in Tamil Nadu.
Vishnusurya Projects and Infra Limited (VPIL) was incorporated on May 17, 1996 as Surya Developers and Promoters Private Limited, was renamed Vishnusurya Logistics Private Limited in 2010, and was converted into a public limited company and renamed Vishnusurya Projects and Infra Limited in May 2023. Headquartered in Chennai, Tamil Nadu, it operates three business verticals: (1) engineering, procurement and construction (EPC) of infrastructure projects across water, transportation, rail, resource and institutional development sectors - it is a Class I contractor accredited with the Greater Chennai Corporation, Tamil Nadu Water Resources Department, TWAD Board and Highways Department, is ISO 9001:2015 compliant, and had an order book of Rs.16,153 lakhs across five ongoing projects as of August 31, 2023; (2) mining of rough stones (blue metal) and manufacture of aggregates and M-sand at owned quarries with crusher and sand-washing plants at Aruppukottai (about 107 acres) and Vandavasi (about 42 acres); and (3) drones/unmanned aerial vehicles - buying, selling and providing integrated drone solutions for surveillance, mapping and surveying, including NHAI empanelment for aerial videography through a consortium with Garuda Aerospace. It has also executed real estate projects (villas, apartments, flats) in the past. VPIL earns revenue mainly from sale of construction aggregates and M-sand (FY2023: Rs.7,484.75 lakhs), EPC/construction contract receipts (FY2023: Rs.3,599.54 lakhs), drone sales and videography services (FY2023: Rs.101.58 lakhs), and historically from flat sales. On a restated consolidated basis, total income rose from Rs.6,339.33 lakhs in FY2021 to Rs.13,326.06 lakhs in FY2023, and profit after tax from Rs.403.39 lakhs to Rs.1,658.10 lakhs over the same period.
Objects of the Issue
- Funding of working capital requirements of our Company Rs.3,000.00 Lakhs p.84
- Repayment/Prepayment, in part or full, of certain outstanding borrowings availed by our Company Rs.915.27 Lakhs p.86
- General Corporate Purposes Rs.383.78 Lakhs p.88
Issue Structure
- Total Issue
- 73,50,000 Equity Shares aggregating upto Rs.4,998.00 Lakhs (Rs.49,98,00,000), constituting 29.87% of post-issue paid-up capital
- Fresh Issue
- 73,50,000 Equity Shares aggregating upto Rs.4,998.00 Lakhs (of which 3,70,000 shares reserved for Market Maker; Net Issue 69,80,000 shares aggregating upto Rs.47,46,40,000)
- Offer for Sale
- Nil
- Price Band
- Fixed Price of Rs.68 per Equity Share (including share premium of Rs.58 per Equity Share); Issue Price is 6.8 times the face value
- Lot Size
- Market lot and trading lot of 2,000 Equity Shares and in multiples of 2,000 thereafter; minimum allotment of 2,000 Equity Shares
- Face Value
- Rs.10 each
Business Model
VPIL generates revenue by selling construction aggregates and manufactured sand produced from its own quarries and crusher/sand-washing plants; by executing EPC and civil construction contracts won through competitive bidding (directly, via project-specific joint ventures/consortiums, and as sub-contracts), billed on certified progress measurements; by selling drones and accessories and providing drone videography/survey services (including NHAI aerial-videography empanelment via a consortium with Garuda Aerospace); and, historically, from the sale of flats developed in its real estate projects.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Bhavani Jayaprakash | Promoter | 86.66% | 60.78% |
| Vishnu Jayaprakash | Promoter Group | 2.03% | 1.42% |
| R N Jayaprakash | Promoter Group | 0.06% | 0.04% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.