One of the largest SME IPO launched in terms of subscription money received

Virtuoso Optoelectronics Limited (VOEL) successfully completes its IPO with a value of INR 30.24 Cr and subscription of more than 92 times
20 October 2022 by
One of the largest SME IPO launched in terms of subscription money received

Mumbai 15th September 2022- Virtuoso Optoelectronics Limited (VOEL), an emerging manufacturer of high-volume, large-scale production of EMS and consumer & industrial products has today successfully announced its listing on the SME Platform of BSE Limited. The IPO was open from 2nd September to 7th September 2022. The company received a strong positive response from the market and the IPO was oversubscribed by 92 times.

Virtuoso Optoelectronics Limited (VOEL), is a manufacturing company based in Nashik, Maharashtra with a diverse product portfolio, specializing in EMS solutions and consumer and industrial products. Established in 2015 and formally known as Virtuoso Optoelectronics Private Limited, it has multiple manufacturing locations in and around Nashik. The company is driven by Mr. Sukrit Bharati, Managing Director of VOEL and an alumnus of BITS Pilani, India. VOEL is also among the few companies selected for PLI benefits for White Goods.

During the pandemic, it was estimated that the white goods industry in India would reach USD 13.66 Bn in the financial year 2021 alone. Out of this, the largest market share belonged to air conditioners, refrigerators, and LED products. It is predicted that these figures will cross USD 21 billion by 2025 expanding at a CAGR of 11 per cent which will be aided by an increase in demand and fulfilled supply through easy availability of raw materials.

Speaking about the IPO, Mr. Sukrit Bharati said, “It gives me immense pleasure to announce the successful subscription of SME IPO of our company. We have received an overwhelming response of over 92 times subscription for the IPO. The encouragement that we have received has renewed our commitment towards developing a strong manufacturing backbone in the country. Further, it is also a testament of confidence that our investors have shown in us. We will continue to reciprocate by fulfilling our responsibility towards our investors and shareholders ensuring a sustainable growth of VOEL. Finally, I would like to sincerely thank everyone for making this IPO a grand success.”

The IPO was launched in a traditional launching event at the Bombay Stock Exchange. The issue was managed by the lead manager Fedex Securities Private Limited.

The company’s shares have started trading on the BSE exchange from today with a listing price of Rs. 117 against the IPO price of Rs. 56.

One of the largest SME IPO launched in terms of subscription money received
Abhinav 20 October 2022
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