Vivid Electromech raised over Rs 37 crore from anchor investors prior to its IPO on the NSE Emerge. The public offering aims to garner Rs 130.54 crore, funds from which will establish a new manufacturing unit, repay debts, and support the company's expansion in electric panel manufacturing.

Vivid Electromech Secures Major Anchor Investment Ahead of IPO

Vivid Electromech, a leader in electromechanical solutions, secured over Rs 37 crore from anchor investors on Tuesday, set to bolster its initial public offering (IPO) opening on NSE Emerge. Prominent investors like Motilal Oswal Finvest and Mukul Agrawal's Sanshi Fund - I are among those acquiring shares at Rs 555 each.

The company's maiden public offering, aiming to raise Rs 130.54 crore, opens from March 25 to March 30, priced between Rs 528-555 per share. The IPO includes new issue shares and an offer for sale by promoters, as detailed in the red herring prospectus.

Proceeds will finance a new manufacturing unit in Ambernath, debt repayment, and boost working capital. Chairman & MD Sameer Vishvanath Attavar highlights that the new facility will significantly enhance production and efficiency, lowering timelines and execution costs across their service spectrum.

(With inputs from agencies.)