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Incoporated in 2007, Veto Switchgears and Cables Ltd is an ISO 9001:2008 certified company, engaged in the manufacture and sale of wires & cables and electrical accessories in India. Veto Switchgears product portfolio ranges from industrial cables, stand cables to telephone & co-axial wires, from general switches to modular switches, from ceiling fans to rechargeable fans, compact fluorescent lamps and other electrical accessories.
Veto Switchgears manufacturing unit located in Hardwar, Uttarakhand. Veto Switchgears supply their products under the brands "VETO" and "VIMAL POWER".
The object of the issue are to:
1. Modernisation of existing facility at Hardwar, Uttarakhand;
2. To finance incremental long-term working capital requirement;
3. Enhancement of the Company’s brand through advertising and other brand-building activities;
4. General corporate purposes; and
5. To meet the Issue expenses.
| IPO Date | Dec 3, 2012 to Dec 5, 2012 |
| Listing Date | Monday, February 13, 2012 |
| Face Value | ₹10 per share |
| Price | ₹48 to ₹50 per share |
| Lot Size | 3000 Shares |
| Issue Size | 5,000,000 shares of ₹10 (aggregating up to ₹25.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Company Promoters | Company's Corporate Promoter are: 1. Veto Electropowers (India) Private Limited Company's Individual Promoters are: 1. Mr. Vishnu Kumar Gurnani; |
The Veto Switchgears IPO lot size is 3000 shares. A retail-individual investor can apply for up to 1 lots (3000 shares or ₹150,000).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 3000 | ₹150,000 |
| Retail (Max) | 1 | 3000 | ₹150,000 |
CRISIL has assigned a CRISIL SME fundamental grade of 'SME 4/5' (SME Four on Five) to the proposed IPO of the Company. The grade indicates that the fundamentals of the Company are superior compared to other SMEs in India. Read Veto Switchgears IPO Report
This looks appealing against listed entities( in similar field but are not peers in clear terms) that are quoting at a P/E of 20 plus But considering the fate of Call Auction on NSE SME, this issue may fail to live up to confidence. So better buy at discount post listing instead of applying for it in IPO.
Correction on 27th Nov 2012 By Dilip Davda
Today Veto Switchgear, the company from Rajasthan and having main base at Jaipur with 70% volume in and around Rajasthan did IPO Road Show in Mumbai and I got the opportunity to meet promoters and merchant bankers.
They clarified that they will be listing Veto on NSE SME - EMERGE under Normal Market mode and hence there is no question of re-run of history that happened for Thejo due to listing under Call Auction mode and thus Veto might have some listing gain for investors.
Due to this I am changing my review on this IPO from Avoid to HNI's can take a risk for modest investment for listing gains, if any.
Read detail review...The Veto Switchgears IPO is subscribed 1.56 times on Dec 5, 2012 5:00:00 PM. The public issue subscribed 2.06 times in the retail category, 1.05 times in the QIB category, and 1.47 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 1.05 |
| NII | 1.47 |
| Retail | 2.06 |
| Total | 1.56 |
| Listing Date | Monday, February 13, 2012 |
| BSE Script Code | 539331 |
| NSE Symbol | VETO |
| Listing In | |
| ISIN | INE918N01018 |
| IPO Price | ₹50 per share |
| Face Value | ₹10 per share |
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Veto Switchgears and Cables Ltd
D-2, First Floor, Malad Industrial Estate,
Ramchandra Lane Extn. Kanchpada,
Malad (West), Mumbai 400064
Phone: +91 22 2880 7704
Email: cfo@vetoswitchgears.com
Website: http://www.vetoswitchgears.com
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: http://www.bigshareonline.com
Veto Switchgears IPO is a SME IPO of 5,000,000 equity shares of the face value of ₹10 aggregating up to ₹25.00 Crores. The issue is priced at ₹48 to ₹50 per share. The minimum order quantity is 3000 Shares.
The IPO opens on Dec 3, 2012, and closes on Dec 5, 2012.
Bigshare Services Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on NSE SME.
The Veto Switchgears IPO opens on Dec 3, 2012 and closes on Dec 5, 2012.
Veto Switchgears IPO lot size is 3000 Shares and the minimum order quantity is .
You can apply in Veto Switchgears IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Edelweiss, ICICI Bank, HDFC Bank and SBI Bank.
The finalization of Basis of Allotment for Veto Switchgears IPO will be done on [.], and the allotted shares will be credited to your demat account by [.]. Check the Veto Switchgears IPO allotment status.
IPO Mentor (600+ Posts, 100+ Likes)
Dilip Davda
SEBI registered Research Analyst
Mumbai
Read my IPO Reviews
Dilip Davda
SEBI registered Research Analyst
Mumbai
Read my IPO Reviews
Dilip Davda
SEBI registered Research Analyst
Mumbai
Read my IPO Reviews
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