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Veto Switchgears IPO is a book built issue of Rs 25.00 crores.
Veto Switchgears IPO bidding started from December 3, 2012 and ended on December 5, 2012. The shares got listed on NSE SME on February 13, 2012.
Veto Switchgears IPO price band is set at ₹48 to ₹50 per share. The minimum lot size for an application is 3000 Shares. The minimum amount of investment required by retail investors is ₹150,000.
Indian Overseas Bank and Keynote Financial Services Ltd are the book running lead managers of the Veto Switchgears IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.
Refer to Veto Switchgears IPO RHP for detailed information.
| IPO Date | December 3, 2012 to December 5, 2012 |
| Listing Date | February 13, 2012 |
| Face Value | ₹10 per share |
| Price Band | ₹48 to ₹50 per share |
| Lot Size | 3000 Shares |
| Total Issue Size | 5,000,000 shares (aggregating up to ₹25.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 11,660,000 |
| Share holding post issue | 16,660,000 |
| Market Maker portion | 834,000 shares |
Veto Switchgears IPO offers 5,208,334 shares. 1,091,229 (20.95%) to QIB, 2,589,384 (49.72%) to NII, 1,527,721 (29.33%) to RII.
| Investor Category | Shares Offered | |
|---|---|---|
| Anchor Investor Shares Offered | - | |
| Market Maker Shares Offered | - | - |
| QIB Shares Offered | 1,091,229 (20.95%) | |
| NII (HNI) Shares Offered | 2,589,384 (49.72%) | |
| Retail Shares Offered | 1,527,721 (29.33%) | |
| Total Shares Offered | 5,208,334 (100%) |
Investors can bid for a minimum of 3000 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 3000 | ₹150,000 |
| Retail (Max) | 1 | 3000 | ₹150,000 |
| Lot Size Calculator | |||
Company's Corporate Promoter are:
1. Veto Electropowers (India) Private Limited
Company's Individual Promoters are:
1. Mr. Vishnu Kumar Gurnani;
2. Mr. Mohan Das Gurnani; and
3. Mr. Narayan Das Gurnani
| Share Holding Pre Issue | 100% |
| Share Holding Post Issue | 69.99% |
Incoporated in 2007, Veto Switchgears and Cables Ltd is an ISO 9001:2008 certified company, engaged in the manufacture and sale of wires & cables and electrical accessories in India. Veto Switchgears product portfolio ranges from industrial cables, stand cables to telephone & co-axial wires, from general switches to modular switches, from ceiling fans to rechargeable fans, compact fluorescent lamps and other electrical accessories.
Veto Switchgears manufacturing unit located in Hardwar, Uttarakhand. Veto Switchgears supply their products under the brands "VETO" and "VIMAL POWER".
| KPI | Values |
|---|---|
| RoNW | 26.66% |
The object of the issue are to:
1. Modernisation of existing facility at Hardwar, Uttarakhand;
2. To finance incremental long-term working capital requirement;
3. Enhancement of the Company’s brand through advertising and other brand-building activities;
4. General corporate purposes; and
5. To meet the Issue expenses.
[Dilip Davda]
This looks appealing against listed entities( in similar field but are not peers in clear terms) that are quoting at a P/E of 20 plus But considering the fate of Call Auction on NSE SME, this issue may fail to live up to confidence. So better buy at discount post listing instead of applying for it in IPO.
Correction on 27th Nov 2012 By Dilip Davda
Today Veto Switchgear, the company from Rajasthan and having main base at Jaipur with 70% volume in and around Rajasthan did IPO Road Show in Mumbai and I got the opportunity to meet promoters and merchant bankers.
They clarified that they will be listing Veto on NSE SME - EMERGE under Normal Market mode and hence there is no question of re-run of history that happened for Thejo due to listing under Call Auction mode and thus Veto might have some listing gain for investors.
Due to this I am changing my review on this IPO from Avoid to HNI's can take a risk for modest investment for listing gains, if any.
Read detail review...The Veto Switchgears IPO is subscribed 1.56 times on December 5, 2012 5:00:00 PM. The public issue subscribed 2.06 times in the retail category, 1.05 times in the QIB category, and 1.47 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 1.05 |
| NII | 1.47 |
| Retail | 2.06 |
| Total | 1.56 |
CRISIL has assigned a CRISIL SME fundamental grade of 'SME 4/5' (SME Four on Five) to the proposed IPO of the Company. The grade indicates that the fundamentals of the Company are superior compared to other SMEs in India. Read Veto Switchgears IPO Report
| Listing Date | February 13, 2012 |
| BSE Script Code | 539331 |
| NSE Symbol | VETO |
| ISIN | INE918N01018 |
| Final Issue Price | ₹50 per share |
| Price Details |
|---|
| Final Issue Price |
| Open |
| Low |
| High |
| Last Trade |
| NSE SME |
|---|
| ₹50.00 |
| ₹145.00 |
| ₹144.00 |
| ₹148.10 |
| ₹145.45 |
Veto Switchgears and Cables Ltd
D-2, First Floor, Malad Industrial Estate,
Ramchandra Lane Extn. Kanchpada,
Malad (West), Mumbai 400064
Phone: +91 22 2880 7704
Email: cfo@vetoswitchgears.com
Website: http://www.vetoswitchgears.com
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/ipo_status.html
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Veto Switchgears IPO is a SME IPO of 5,000,000 equity shares of the face value of ₹10 aggregating up to ₹25.00 Crores. The issue is priced at ₹48 to ₹50 per share. The minimum order quantity is 3000 Shares.
The IPO opens on December 3, 2012, and closes on December 5, 2012.
Bigshare Services Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
The Veto Switchgears IPO opens on December 3, 2012 and closes on December 5, 2012.
Veto Switchgears IPO lot size is 3000 Shares, and the minimum amount required is ₹150,000.
You can apply in Veto Switchgears IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Nuvama, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Veto Switchgears IPO will be done on [.], and the allotted shares will be credited to your demat account by [.]. Check the Veto Switchgears IPO allotment status.
IPO Guru (1300+ Posts, 500+ Likes)
Dilip Davda
SEBI registered Research Analyst
Mumbai
Read my IPO Reviews
Dilip Davda
SEBI registered Research Analyst
Mumbai
Read my IPO Reviews
Dilip Davda
SEBI registered Research Analyst
Mumbai
Read my IPO Reviews
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