Vishal Information Technologies surges on debut

Attracts 29.43% premium over IPO price

Vishal Information Technologies settled at Rs 194.15 on BSE, a premium of 29.43% over the initial pubilc offer (IPO) price of Rs 150 on its debut today.

The stock debuted at Rs 150, at the same price as the initial public offer price (IPO). The stock hit a high of Rs 197.20 and a low of Rs 145.

On BSE, 1.17 crore shares were traded on the counter.

The current price of Rs 194.15 discounts the company's year ended March 2008 EPS of Rs 11.6, by a PE multiple of 16.73.

The Vishal Information Technologies IPO which closed on 24 July 2008 was subscribed 1.19 times. The IPO received bids for 33.28 lakh shares as compared to 27.90 lakh shares on offer.

Vishal Information Technologies provides IT-enabled services (ITeS) in the areas of data digitisation, e-publishing and digital library.

The company came out with IPO to fund its expansion plans including setting up a bigger campus and marketing offices in the US and UK.

The company reported a net profit of Rs 12.36 crore on sales of Rs 40.87 crore in the year ended March 2008.

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