Incorporated in 1995, Karnataka-based Vishwaraj Sugar Industries Limited (VSL) is engaged in manufacturing of sugar and other allied products. The other allied products manufactured by the company are Extra-Neutral Spirits, Vinegar, Rectified Spirits, Indian Made Liquor, Carbon dioxide (CO2), and Compost. VSL also generates power from sugars byproducts for captive consumption and commercial sale. Broadly, the business of the company can be divided into five categories, which are Vinegar, Indian Made Liquor (IML), Co-Generation, Distillery, and Sugar. The products of the company such as rectified spirit, ethanol, and extra neutral spirit come in the distillery product segment. The company has laboratories to test the quality standards of the products and reduce the wastage. Every single output and residue from sugarcane juice is used by the company and nothing is wasted. Vishwaraj Sugar Industries has produced 32,170 tonnes of sugar in the last financial year. VSL operates from Belgaum District, Karnataka which is one of the high recovery zones for sugar production in India.
Competitive Strengths1. Wide product range 2. A diversified but integrated business model 3. Integrated manufacturing unit 4. Principal location of manufacturing unit 5. Captive Power plant
| Purpose | Amount (₹ Cr) |
|---|---|
| 1 Funding Working Capital Requirement | ₹157 |
| 2 General Corporate Purpose | ₹10 |
| Metric | 31-Mar-19 | 31-Mar-18 | 31-Mar-17 |
|---|---|---|---|
| Total Assets | 71,955 | 62,419 | 54,320 |
| Revenue | 30,788 | 26,893 | 32,290 |
| PAT | 1,762 | 427 | 606 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 1,000,000 (10%) | — |
| NII / HNI | — | 4,000,000 (40%) | — |
| Retail (RII) | — | 5,000,000 (50%) | — |
| Total | — | 10,000,000 (100%) | — |
* Amount calculated at upper price band (₹60) · ** Total includes all investor categories
- 1 Initiation of Refund 14 Oct 2019
- 2 Credit of Shares to Demat 15 Oct 2019
- Retail allocation is strong at 50% of the total offering.
- HNI/NII demand is strong at 40%.
- Institutional (QIB) interest is strong at 10%.
This IPO shows strong fundamentals and healthy investor demand. Research the business model and compare with sector peers before applying.
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