SVS Ventures hits the roof on debut

Shares of SVS Ventures was locked in 5% upper circuit at Rs 21.50 on the BSE, representing a premium of 7.5% to the issue price of Rs 20.

The scrip was listed at a Rs 20.50, representing a premium of 2.5% to the issue price. So far, it has hit a high of 21.50 and a low of 20.50 during the trading session. Over 16.68 lakh shares of the company had changed hands in the counter till now.

The initial public offer (IPO) of SVS Ventures received bids for 67,86,000 shares as against 56,22,000 shares on offer, as per BSE data. The issue was subscribed 1.21 times.

The Non-Institutional Investors category received bids for 14,28,000 shares while the Retail Individual Investors category received bids for 53,58,000 shares.

The issue opened for bidding on Friday (30 December 2022) and closed on Wednesday (4 January 2023). The issue price was fixed at Rs 20 per share. The minimum order quantity was 6,000 shares. The equity shares were proposed to be listed on the "BSE SME Platform".

The IPO comprised of a fresh issue of 56,22,000 equity shares, aggregating up to Rs 11.24 crore. The promoter and promoter group shareholding will dilute to 66.66% post IPO from 90.49% pre-IPO.

The company intends to utilize the net proceeds from the issue for working capital requirements and general corporate purposes.

SVS Ventures is engaged into the business of construction and real estate development, focused primarily on construction and development of residential and commercial projects, in and around Ahmedabad, Gujarat. Its business operations include development of real estate projects in the residential segment comprising apartment-type complexes, villas, largely catering to the middle income and high-income group. As on 30 June 2022, the company had a total of six employees.

The company recorded total revenue from operations of Rs 1.30 crore and net profit of Rs 0.14 crore for the quarter ended on 30 June 2022.

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