New Delhi, February 19 (HS): Voler Cars, a company providing Employee Transportation Services (ETS) facilities to multinational companies and corporate clients, today gave a big shock to its IPO investors through a weak listing in the stock market. Under the IPO, the company's shares were issued at a price of Rs 90. Today, its listing on the SME platform of the National Stock Exchange took place at a price of Rs 90 without any fluctuation. Shortly after entering the market, the stock jumped to the level of Rs 92.90, but after a short while, due to selling pressure, it dived to the lower circuit level of Rs 85.50. In this way, the company's IPO investors are facing a loss of 5 percent on the first day itself.

Voler Cars' Rs 27 crore IPO was open for subscription between February 12 and 14. This IPO got a good response from the investors, due to which it was subscribed 13.62 times overall. In this, the reserve portion for qualified institutional buyers (QIB) was subscribed 9.34 times.

Similarly, the reserve portion for non-institutional investors (NII) got 18.56 times subscription. Apart from this, the reserve portion for retail investors was subscribed 13.94 times. Under this IPO, 30 lakh new shares with a face value of Rs 10 have been issued. The company will use the money raised through the IPO to meet its working capital requirements and for general corporate purposes. Talking about the financial position of the company, as per the claim made in the prospectus, its financial health has continuously strengthened.

In the financial year 2021-22, the company had a net profit of Rs 79 lakh, which increased to Rs 1.99 crore in the next financial year 2022-23 and Rs 3.56 crore in 2023-24. During this period, the company's revenue grew at a compounded rate of more than 12 percent annually to Rs 31.45 crore. In the first half of the current financial year i.e. between April to September 2024, the company has made a net profit of Rs 2.49 crore. Similarly, the company has achieved a revenue of Rs 21.58 crore during this period.

Hindusthan Samachar / Jun Sarkar