Bengaluru, Feburary 20, 2016: Vidli Restaurants Limited has created history with the overwhelming response from public with over-subscription of almost 7 times of total shares offered. “Vidli”, seems to have wooed the investors with its Initial Public Offering of Rs. 131.0 0 Lakhs. The Issue which was oversubscribed before closure of the Issue, proved a magnetic attraction among the Investors. As per the details available on regulatory website, the Issue comprised 89.30 Lakhs Equity Shares at a fixed price of Rs. 10 per share and was opened for a period of three days from February 03, 2016 to February 05, 2016. The net proceeds raised through the IPO are to be utilized inter alia to finance establishment of new food joints, general corporate purpose and issue expenses. The issue constituted 30.25% of the post issue paid up equity share capital of the Company. Pantomath Capital Advisors (P) Ltd., a Category I Merchant Banker is the lead manager to the Issue.
Vidli Restaurants IPO received subscription from all categories including QIBs, HNIs, Corporate and retail. Interestingly, very few companies receive retail participations for IPOs on SME Exchanges. Vidli is the exceptional issue to receive tremendous Retail Participation. This is also an indication of growing popularity of BSE SME Exchange. The market analysts and investors are quite positive on the Exchange becoming a giant for the capital market. As per market analysts, Pantomath lead managed companies have better liquidity track record compared to average of other companies listed on SME Exchanges.
Incorporated in 2007, Vidli Restaurants Limited is engaged in the hospitality business and runs chain of restaurants either through own operated outlets or through franchisee operated outlets. Vidli started its commercial operations from November 2013. Over these last 2 years, Vidli has carved a niche for itself and is successfully operating 2 restaurants and running 37 franchised outlets.
Vidli runs a chain of restaurants, with the brands “VITHAL KAMATS” (Under License from Dr. Vithal Kamat) serving hygienic standardized food items in quick serve format at various outlets on national highways, state highways and cities. Currently, Vidli has 39 restaurants in western & central India having presences on major highways.
Corporate Comm India (CCI Newswire)