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Veto Switchgears IPO is a book build issue of ₹25.01 crores. The issue is entirely a fresh issue of 0.50 crore shares of ₹25.01 crore.
Veto Switchgears IPO bidding started from Dec 3, 2012 and ended on Dec 5, 2012. The shares got listed on NSE SME on Feb 13, 2012.
Veto Switchgears IPO price band is set at ₹50.00 per share . The lot size for an application is 3,000. The minimum amount of investment required by an retail is ₹1,44,000 (3000 shares). The minimum lot size investment for HNI is 2 lots (6,000 shares), amounting to ₹3,00,000.
Indian Overseas Bank is the book running lead manager and Bigshare Services Pvt.Ltd. is the registrar of the issue. The market maker of the company is Keynote Capitals Ltd..
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 |
| Issue Price Band | ₹48 to ₹50 per share |
| Issue Price Final | ₹50 per share |
| Lot Size | 3,000 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 50,01,000 shares (aggregating up to ₹25.01 Cr) |
| Reserved for Market Maker | 8,34,000 shares Keynote Capitals Ltd. (aggregating up to ₹4.17 Cr) |
| Net Offered to Public | 41,67,000 shares (aggregating up to ₹20.84 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,16,60,000 shares |
| Share Holding Post Issue | 1,66,60,000 shares |
Veto Switchgears IPO offers total 50,00,000 shares. Out of which 10,41,500 (20.83%) allocated to QIB, 16,66,400 (33.33%) allocated to NII, 14,58,100 (29.16%) allocated to RII.
| Investor Category | Shares Offered |
|---|---|
| Market Maker Shares Offered | 8,34,000 (16.68%) |
| QIB Shares Offered | 10,41,500 (20.83%) |
| NII (HNI) Shares Offered | 16,66,400 (33.33%) |
| Retail Shares Offered | 14,58,100 (29.16%) |
| Total Shares Offered | 50,00,000 (100.00%) |
Veto Switchgears IPO opens on December 3, 2012, and closes on December 5, 2012.
| IPO Open Date | Mon, Dec 3, 2012 |
| IPO Close Date | Wed, Dec 5, 2012 |
| Tentative Listing Date | Mon, Feb 13, 2012 |
| Cut-off time for UPI mandate confirmation | 5 PM on Wed, Dec 5, 2012 |
Investors can bid for a minimum of 3,000 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 3,000 | ₹1,50,000 |
| Retail (Max) | 1 | 3,000 | ₹1,50,000 |
| HNI (Min) | 2 | 6,000 | ₹3,00,000 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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 Company Veto Switchgears IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Modernisation of existing facility at Hardwar, Uttarakhand | 4.70 |
| 2 | Incremental long-term working capital requirement | 15.80 |
| 3 | Enhancement of our Company’s brand through advertising and other brand-building activities | 2.00 |
| 4 | General Corporate Purposes | 1.00 |
| 5 | To meet the Issue expenses | 2.00 |
[Dilip Davda] <p>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.</p> <p><strong>Correction on 27th Nov 2012 By Dilip Davda</strong></p> <p>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.</p> <p>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.</p> <p>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.</p> Read detail review...
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 | NSE SME |
|---|---|
| Final Issue Price | ₹50.00 |
| Open | ₹145.00 |
| Low | ₹144.00 |
| High | ₹148.10 |
| Last Trade | ₹145.45 |
Veto Switchgears & Cables Ltd.
D-2, First Floor, Malad Industrial Estate,
Ramchandra Lane Extn. Kanchpada,
Malad (West), Mumbai 400064
Malad, Maharashtra
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
Veto Switchgears IPO is a SME IPO of 50,01,000 equity shares of the face value of ₹10 aggregating up to ₹25.01 Crores. The issue is priced at ₹50 per share. The minimum order quantity is 3000.
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.
Zerodha customers can apply online in Veto Switchgears IPO using UPI as a payment gateway. Zerodha customers can apply in Veto Switchgears IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Veto Switchgears IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Veto Switchgears IPO opens on December 3, 2012 and closes on December 5, 2012.
Veto Switchgears IPO lot size is 3000, and the minimum amount required for application is ₹1,50,000.
You can apply in Veto Switchgears IPO online using either UPI or ASBA as a 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 applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, 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.
The Veto Switchgears IPO listing date is on Monday, February 13, 2012.
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