Home » Initial Public Offerings(IPO) for the week.

Initial Public Offerings(IPO) for the week.

Initial Public offerings(IPO) for the week.

The Initial Public Offerings(IPO) for the week are-

Virtuoso Optoelectronics Limited-

Virtuoso Optoelectronics limited which was incorporated in 2015, manufactures consumer durable goods, a wide range of products, and end-to-end product solutions. It works under both original equipment models and original design models. Under the original equipment manufacturer model, it manufactures and supplies product-based designs developed by its customers who further distribute these products under their own designs. In the original design model, it conceptualizes and designs the products which are marketed to the customers’ prospective customers under their brands. The company has developed ODM (original design model) capabilities with respect to lighting products and small appliances.

Virtuoso Optoelectronics’ product portfolio consists of consumer goods like split air conditioners, water heaters, LED lighting products, and other miscellaneous products like injection molding components for air conditioners. It offers innovative solutions to its customers that include leading international and national consumer brands. The solution suite of the company consists of global sourcing, fabrication of components and parts, captive manufacturing and assembly, quality testing, packaging, and logistics support that enables it to partner with leading consumer brands in India. The company has key customers in the air conditioning and water heater segments.

The promoter of the company is Sukrit Bharati. The proceeds of the issue would be utilized for funding the working capital requirements and listing on the stock exchange would enhance the brand image of the company.

The company had revenues of Rs 68.20 crore with a net profit of 1.40 crore (Year ended March 31, 2020), revenues of Rs. 115.25 crores with a profit of Rs. 2.08 crore (Year ended March 31, 2021), and revenue of Rs. 200.17 crores with a net profit of Rs. 3.94 crores (Year ended March 31, 2022).

Tamilnad Mercantile Bank Limited-

Tamilnad Mercantile Bank was incorporated as Nadar Bank Limited in 1921. Its name was changed to ‘Tamilnad Mercantile Bank’ in the year 1962 and the same year it received a license to carry on the banking business from the Reserve Bank of India. The bank has has its headquarters at Thoothukudi since incorporation and it has built a strong presence in the state of Tamil Nadu with 369 branches and 941 automated teller machines.

The bank is present in 15 states and 4 union territories other than the state of Tamil Nadu and the states where it has a sizable presence in Maharashtra, Gujarat, Karnataka, and Andhra Pradesh. As of June 30, 2021, the bank has 509 branches of which 247 are in semi-urban areas, 80 in urban areas, 76 in metropolitan centers, and 106 branches in rural areas. The customer base of the company is 4.93 million as of June 30, 2021, and 69.96% of the customers have been associated with the bank for a period of more than five years.

Mr. K.V.Rama Moorthy is the MD and CEO of the company. The bank is professionally managed and does not have identifiable promoters in terms of SEBI regulations and companies Act 2013 and there is no shareholder who individually or as a group controls 15% or more of the voting rights in the bank. The bank would utilize the net proceeds from the issue to augment its Tier-I capital base and meet its future capital requirements and there would be benefits of listing on the stock exchange.

The company had an income of Rs 3638.7 crore with a net profit of 294.6 crores (Year ended March 31, 2019), an income of Rs. 3992.5 crores with a profit of Rs. 464.8 crores (Year ended March 31, 2020), and income of Rs. 4253.4 crores with a net profit of Rs. 654.04 crores (Year ended March 31, 2021).

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