Viney Corporation IPO: Filed DRHP to SEBI

Viney Corporation Private Limited submits DRHP with SEBI and will be coming up with its public issue in the upcoming time; the public issue will be offering a 100% book-built offer. This upcoming IPO is offering a fresh issue worth up to Rs 150 crore of equity shares and an offer for sale of up to 2.22 crore of equity shares. The total aggregate size of a public issue in rupees and the total no. of equity shares that will be issued by the company has not yet disclosed. The face value mentioned by the company is Rs 10 each share. This new IPO issue is being made through the book-building process with a reservation of less than 75% of the new offer reserved for Qualified Institutional Investors, not more than 15% reserved for NII and not more than 10% reserved for Retail Individuals. The IPO open date and close date are also not yet disclosed by the company, whereas the price band at which you can bid for this IPO will announced soon.

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About Viney Corporation Limited

Viney Corporation Limited, established in 1989, is a one of a leading manufacturer and supplier of automotive components, specializing in wiring harnesses, connectors, and mechatronic systems. Headquartered in New Delhi, India, the company serves original equipment manufacturers (OEMs) globally, including prestigious brands like BMW and Renault. With a strong commitment to innovation and quality, Viney operates multiple manufacturing facilities in India and Europe, notably after acquiring Vimercati Spa, an Italian mechatronics firm, in 2011. The company is ISO certified and emphasizes sustainable practices, including a solar power initiative. Viney Corporation continues to expand its product portfolio and market reach while maintaining a culture of excellence and integrity in service delivery.

Viney Corporation IPO Objectives

As per DRHP the company propose to utilize the net proceeds from the fresh issue for re-payment or/and pre-payment, in full or in part, of certain borrowings availed by the company and the rest into general corporate purposes. (As per Prospectus filed by the company to the SEBI).

Financials of Viney Corporation

For the period ending March 31, 2024, the company demonstrated notable improvements in its financial performance compared to the previous year. Assets grew by 6.9%, increasing from Rs 1,270.57 crore in March 2023 to Rs 1,358.29 crore in March 2024. Revenue also experienced a rise of 11.2%, reaching Rs 1,245.79 crore from Rs 1,120.06 crore. The company made a significant turnaround in profitability, reporting a Profit After Tax of Rs 27.89 crore, as opposed to a loss of Rs 37.50 crore in March 2023. However, the company's total borrowing increased slightly by 3.4%, from Rs 485.38 crore to Rs 502.11 crore. Overall, the period reflects positive growth and recovery across key financial areas.

Lead managers and Registrar of Viney Corporation IPO

The IPO is managed by ICICI Securities Limited and Axis Capital Limited, which is the book-running lead manager of this public issue. The company has appointed Link Intime India Private Limited as the registrar for this public issue.

Promoters of Viney Corporation

Brijesh Aggarwal and VL-Auto Ancillary Private Limited are the identifiable promoters (s) of the company. They collectively held 99.11% of the company's shares. However, post-IPO changes in their shareholding have not yet been disclosed.

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