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Vivo Collaboration Solutions Ltd. makes a strong debut on the bourses with scrip got listed at Rs 355.10 on the Bombay Stock Exchange, a 333.04 per cent premium to its issue price of Rs 82.00. On the National Stock Exchange, the stock was listed at Rs 355.10.
The company, which raised 0.05 Cr from initial public offering, was subscribed 255.21 times, receiving bids for 1,367.93 lakhs shares against the total issue size of 5.36 lakhs shares.
The company, listed under ST Group Securities post its IPO, opened for subscription from Dec 20 to Dec 23.
Following a strong opening, the scrip touched an intraday high of Rs [BSEHighPrice] and a low of Rs [NSEHighPrice], before closing the session [UpDown] by [ChangePer] per cent to its listing price at Rs [ClosingPriceBSE] on the NSE.
The company anticipates using the proceeds of the issue for To meet the working capital requirements of the Company; General Corporate Purpose; To meet Issue ExpensesThe Company believes that listing will enhance the Company’s corporate image, brand name and create a public market for its Equity Shares in India It will also make future financing easier and affordable in case of expansion or diversification of the business Further, listing attracts interest of institutional investors as well as foreign institutional investorsThe main objects clause of the Memorandum enables the Company to undertake the activities for which funds are being raised in the Issue The existing activities of the Company are within the objects clause of the Memorandum The fund requirement and deployment are based on internal management estimates and has not been appraised by any bank or financial institution.
SARTHI CAPITAL ADVISORS PRIVATE LIMITED as lead managers & Bigshare Services Pvt. Ltd. is the registrar, to the issue.
Meanwhile, the broader benchmark NSE Nifty closed trade at 17,203.95, down 9.65 points, or 0.05 per cent.
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