Vishwas Agri Seeds shares commenced trading on the National Stock Exchange SME (NSE SME) on April 1, opening at Rs 85, reflecting a discount of 1.1% from the issue price. Despite expectations of a 10-12% premium based on the grey market premium (GMP), the stock debuted at a lower price.
The IPO, valued at Rs 25.8 crore, garnered a subscription of 12.2 times overall. Vishwas Agri Seeds specializes in processing seeds for various crops, selling them under the brand name “Vishwas.” By March 31, 2023, the company had developed seeds for over 40 different field crops and vegetables, boasting a product portfolio of more than 75 crop varieties.
The brand “Vishwas” has established a robust market presence, facilitated by its extensive network of 780 distributors across states like Gujarat, Rajasthan, and Madhya Pradesh.
Utilization of the IPO proceeds is planned for additional working capital, general corporate purposes, capital expenditures for furnishing the corporate office building, equipment procurement for the seed testing laboratory, establishment of a greenhouse (Fan-Pad System), and installation of rooftop solar monocrystalline panels (129.6KW).
