Vinyas Innovative Tech surges over 100% on debut

The engineering, and electronics manufacturing services company raised around Rs 54.66 crore via IPO

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Vinyas Innovative Technologies Ltd shares debuted at a 100 percent premium to the issue price of Rs 165 on the NSE Emerge platform on October 6 after the initial public offering was subscribed over 43 times.

The stock opened at Rs 330 a share and touched a high of Rs 346. At 11.10 am, the stock was trading at Rs 340 on BSE, up 106 percent from its upper price band of Rs 165.

The engineering, and electronics manufacturing services company raised around Rs54.66 crore via IPO, which opened for subscription on September 27 and closed October 3. The proceeds from the issue will be used for meeting working capital requirements.

Also Read: RBI monetary policy: Key takeaways from Das’s address

Founded in 2001, Vinyas Innovative Technologies Limited offers design, engineering, and electronics manufacturing services to global OEMs and ODMs in the electronic industry. Its electronic manufacturing services are provided as Build to Print (B2P) and Build to Specification (B2S).

Read: Interview: Recession in US unlikely, India resilient, says Stefan Hofer, MD and Chief Investment Strategist of LGT Bank Asia

For FY23, the company’s revenue was at Rs 234.53 crore against Rs 207.74 crore in the previous year. Net profit was at Rs 7.34 crore, up from Rs 1 crore inFY22. The EBITDA margin was at 10.43 percent from 7.69 percent last year. Total debt stood at around Rs 86 crore versus Rs 31 crore.

The company specializes in manufacturing products for Medical, Telecom, Automotive, and Industrial applications, with the ability to produce custom PCBA. Their products undergo rigorous quality assurance testing.