Vishwaraj Sugar Industries IPO – Allotment, Subscription, GMP & DRHP

Vishwaraj Sugar Industries Limited  is an integrated sugar and other allied products manufacturing company operating from Belgaum District in the State of Karnataka which is designated as one of the “High Recovery zones” for sugar production by Government of India. The Company operate a single location sugar unit having licensed crushing capacity of 11,000 TCD. Vishwaraj Sugar Industries IPO or VSL IPO comprises of 1,00,00,000 Equity shares, face value of Rs.10 each.

Let’s have a detailed review of the company and analytics of the Vishwaraj Sugar Industries IPO release date, IPO offer price, subscription, Vishwaraj Sugar Industries IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.


Vishwaraj Sugar Industries IPO Review & Ratings

Vishwaraj Sugar Industries IPO Ratings & Review
Criteria Ratings
Industry Sentiments  6.3/10
Industry Ranking  6.3/10
Company Background 6.1/10
Company Reputation 6.4/10
Competitive Edge 6.4/10
Financial Statements 6.5/10
Popularity Index 6.2/10
Promoters Reputation 6.3/10
Retail Appetite  6.2/10
Top Brokers Review 6.3/10
Overall Ratings  6.3/10
Star Ratings ★★★☆☆

Summary of Vishwaraj Sugar Industries IPO or VSL IPO

Vishwaraj Sugar Industries IPOVishwaraj Sugar Industries Limited  is an integrated sugar and other allied products manufacturing company operating from Belgaum District in the State of Karnataka which is designated as one of the “High Recovery zones” for sugar production by Government of India. The Company operate a single location sugar unit having licensed crushing capacity of 11,000 TCD The Issue comprises of a Public Issue of 100,00,000 Equity shares of face value of Rs.10.00 each fully paid  up.

From FY 2014-15 to FY 2016-2017, as per the Restated Financial Statements,

From fiscal 2016 to 2017, company’s revenue from operations and net profit has increased at a growth rate of 21.5% and  98.82 %, respectively.

For the period ended March 31, 2018, FY 2016-17 and FY 2015-16, its revenue from operations was Rs. 28,401.74   Lakhs, Rs.33,564.66 Lakhs and Rs. 27,624.85 Lakhs, respectively representing growth of  21.5 % from the FY 2015-16 to FY 2016-17. For the period ended March 31, 2017, FY 2016-17 and FY 2015-16 our net profit was Rs. 877.89 Lakhs, Rs. 441.46 Lakhs and Rs. (321.65) Lakhs, respectively, representing a growth of  98.82 % from the FY 2015-16 to FY 2016-17.

  • During the financial year 2017-18 the Other Income of our company decreased to Rs.105.63  Lakhs as against Rs. 288.73 Lakhs for the financial year 2016-17, representing decrease by 63.41% .
  • Company’s Net Profit after tax for the year 2016-17 is Rs. 877.89 Lacs from the year 2015-16 of Rs. 441.46 Lacs showing an increase of 98.86 % from last year, showing remarkable performance.

The Promoter of this company are Mr. Umesh Katti ,Mr. Ramesh Katti ,Mrs. Sheela Katti, Mrs. Jayashree Katti ,Mr. Nikhil Katti, Mr. Lava Katti ,Mr. Kush Katti and Mrs. Sneha Nithin Dev. The lead manager to the issue is ARYAMAN FINANCIAL SERVICES LIMITED and the Registrar to this issue is  BIGSHARE SERVICES PRIVATE LIMITED .


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Vishwaraj Sugar Industries IPO Date

The opening and the closing date of IPO of Vishwaraj Sugar Industries Limited is not known yet.


Vishwaraj Sugar Industries IPO Subscription

Day / Date QIB NII RII Total Subscription
Day 1      
Day 2        
Day 3        
Day 4        
Day 5        

The shares subscribed by the public will be updated herein on a daily basis, once the IPO is open for subscription.


Vishwaraj Sugar Industries IPO Allotment Status

Here, you can find the Allotment Status of this IPO.


Vishwaraj Sugar Industries IPO Price Band

The face value of each share is Rs 10, but the price band of the IPO is not yet disclosed. 


Vishwaraj Sugar Industries IPO Equity Share Offering

100,00,000 Equity Shares of Rs 10/- each but Issue Price is yet to be disclosed .


Vishwaraj Sugar Industries Limited- Company Overview

Vishwaraj Sugar Industries Limited  is an integrated sugar and other allied products manufacturing company operating from Belgaum District in the State of Karnataka which is designated as one of the “High Recovery zones” for sugar production by Government of India. The Company operate a single location sugar unit having licensed crushing capacity of 11,000 TCD .In the year 2001, the company commenced operations of manufacture of Distillery products such as Ethanol, Rectified Spirit and Extra Neutral Spirit. In the year 2006, the Company implemented backward integration and began commercial operations for Sugar manufacture from sugarcane, along with Co-Generation capabilities.

During the year 2008, the company began bottling of Indian Made Liquor. Currently their integrated unit processes sugarcanes to produce sugar and the byproducts are used to generate electricity for captive use and commercial sale, manufacture rectified spirit, ENA, IML, Vinegar, Press-mud and Compost.

The Company is promoted by Mr. Umesh Katti , Mr. Ramesh Katti  etc who are the guiding force behind the growth and strategic decisions of the Company.

Competitive Strengths of Vishwaraj Sugar Industries Limited :

  • Experienced Promoters and strong Executive Team .
  • Wide range of products .
  • Integrated operations and economies of scale .
  • Strong Technological Capabilities.
  • Strategic location of manufacturing unit

Business strategies of Vishwaraj Sugar Industries Limited:

  • Increasing operational efficiency .
  • Explore possibilities of geographical expansion .
  • Addition of new IML products
  • Augment our fund based capacities in order to scale up business operations .

Vishwaraj Sugar Industries Limited  – Financial Statements

A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:

Financial Summary:

Amount (in INR & Lakhs)
31-Mar-17 31-Mar-16 31-Mar-15 31-Mar-14 31-Mar-13
Total Assets 56,810.86   61,110.52 62,527.01 57,494.81 50,353.25
Total Revenue 28,401.74   33,564.66 27,624.85  27,836.44  41,414.92
Total Expense 27,368.58   33,152.05 28,031.57 25,451.75 39,551.45
Profit After Tax 877.89   441.46 (321.65) 2,317.05 1,840.14

Earnings per Equity Share (in Lakhs)

31-Mar-17 31-Mar-16 31-Mar-15
Basic & Diluted 2.54 1.28 -0.93

From the above statements, one could find that the Vishwaraj Sugar Industries Limited  may perform well.


Vishwaraj Sugar Industries IPO – Promoters

The Promoter of this company are:

  1.  Mr. Umesh Katti 
  2. Mr. Ramesh Katti 
  3. Mrs. Sheela Katti 
  4. Mrs. Jayashree Katti 
  5. Mr. Nikhil Katti 
  6. Mr. Lava Katti 
  7. Mr. Kush Katti

List of Related Parties (Key Managerial Personnel)

  • Vishwanath Hiremath

Interest in promotion of the Company

Company is currently promoted by the Promoters in order to carry on its present business. Promoters are interested in the Company to the extent of their shareholding and directorship of the Individual Promoter in the Company and the dividend declared, if any, by the Company. The Promoters are interested in the transactions entered into the Company and the Promoter Group.

Property Interest

The promoters along with the promoter group will continue to hold collectively some percentage of the equity share capital of the company. As a result of the same, they will be able to exercise significant influence over the control of the outcome of the matter that requires approval of the majority shareholders vote.

Interest in Intellectual Rights of the Company

Promoters has not shown any interest in acquiring the intellectual rights of the company.


Vishwaraj Sugar Industries IPO Offer Details or Issue Details

 Particulars  No. Of Equity Shares
 Equity Shares Offered Up to 1,00,00,000 Equity Shares, aggregating up to ₹ [●] Lakhs
 Of which:
 Reserved for Market Makers At least 10,00,000 Equity Shares
 Net Issue to the Public ;

Fresh Issue

Offer for Sale

Up to 30,00,000 Equity Shares, aggregating up to ₹ [●] Lakhs 

 Up to 70,00,000 Equity Shares, aggregating up to ₹ [●] Lakhs

 Of which:
 Retail Investors Portion Not less than 50,00,000 Equity Shares
 Non-Retail Investors Portion Not less than 40,00,000 Equity Shares
 Equity Shares outstanding prior to the Issue 3,45,56,000 Equity Shares
 Equity Shares outstanding after the Issue 3,75,56,000 Equity Shares

Vishwaraj Sugar Industries IPO Issue Object

These are the IPO Issue Objects of the company comprises of a Fresh Issue by our Company and an Offer for Sale by the Selling Shareholder-

  • Net Fresh Issue –  The Objects of the Net Fresh Issue is to raise funds for:

(a) Funding Working Capital Requirement

(b) General corporate purpose.

Further, our Company expects that the listing of the Equity Shares will enhance our visibility and our brand image among our existing and potential customers.

  • Offer for Sale- The Selling Shareholders propose to sell an aggregate of up to 70,00,000 Equity Shares held by them, aggregating up to ₹ [●] lakhs. Company will not receive any proceeds of the Offer for Sale by the Selling Shareholders.

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Vishwaraj Sugar Industries IPO – Basis of the Offer Price

The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

Qualitative factors are:

  • Experienced Promoters and strong Executive Team
  • Wide range of products
  •  Integrated operations and economies of scale
  •  Strong Technological Capabilities
  •  Strategic location of our manufacturing unit
  •  Cordial and strong relationships with sugarcane farmers
  •  Captive Power plant and exportable capacitya

The relevant quantitative factors are:

Basic & Diluted EPS RONW (%) NAV (Rs.)
31-Mar-17 2.54 70.66
31-Mar-16 1.28
31-Mar-15 -0.93
  • Industry P/E Ratio:
Particulars P/E ratio
Average 8.3
Highest 37.0
Lowest 2.6
  • Competitive Peers:
Particulars Face Value (in Rs.) EPS     (In Rs.) P/E Ratio RONW (%)  NAV (In Rs.)
Ugar Sugar Works Ltd.   1 2.08 15.74 22.8 10.2
Dwarikesh Sugar Industries Ltd  1 88.36 5.01 77.2 15.2
Balrampur Chini Mills Ltd 1 24.26 6.04 42.7 65.6
Dhampur Sugar Mill Ltd 10 36.42 6.04 40.7 99.7

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Vishwaraj Sugar Industries IPO Lead Managers

Lead Managers
ARYAMAN FINANCIAL SERVICES LIMITED
60, Khatau Building, Ground Floor,
Alkesh Dinesh Modi Marg, Fort, Mumbai – 400 001.
Tel No.: +91 – 22 – 6216 6999; Fax No.: +91 – 22 – 2263 0434
Email: ; Website: www.afsl.co.in
Investor Grievance Email:
SEBI Registration No.: INM000011344
Contact Person: Mr. Pranav Nagar

Vishwaraj Sugar Industries IPO Registrar to offer

Registrar to the Offer
BIGSHARE SERVICES PRIVATE LIMITED
1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis,
Makwana Road, Marol, Andheri (E), Mumbai – 400 059.
Tel: +91 – 22 – 6263 8200; Fax: +91 – 22 – 6263 8299
Email: ; Website: www.bigshareonline.com
Investor Grievance Email:
SEBI Registration No.: INR000001385
Contact Person: Mr. Ashok Shetty

Other Details:

  • Statutory Auditor –  M/S. Gojanur & CO, Chartered Accountants
  • Peer Review Auditor – M/s. NSVR & Associates, Chartered Accountants
  • Bankers to the Company –   THE BELAGAVI DISTRICT CENTRAL CO-OPERATIVE BANK LTD, BELLAD-BAGEWADI URBAN SOUHARDA SAHAKARI BANK.

Vishwaraj Sugar Industries IPO Review by Top 10 Stock Brokers

Top Stock Brokers Review Company Reputation Competitive Edge Financial Statement Popularity Index Promoters Reputation
Angel Broking 6.5/10 6.6/10 6.6/10 6.4/10 6.4/10
Sharekhan 6.7/10 6.4/10 6.6/10 6.1/10 6.2/10
Kotak Securities 6.7/10 6.7/10 6.7/10 6.4/10 6.3/10
ICICI Direct 6.6/10 6.3/10 6.7/10 6.5/10 6.5/10
IIFL 6.4/10 6.7/10 6.8/10 6.4/10 6.7/10
Edelweiss 6.7/10 6.4/10 6.4/10 6.3/10 6.7/10
Zerodha 6.5/10 6.4/10 6.7/10 6.4/10 6.5/10
5Paisa 6.7/10 6.4/10 6.3/10 6.7/10 6.5/10
Karvy 6.8/10 6.3/10 6.7/10 6.4/10 6.0/10
Motilal Oswal 6.6/10 6.4/10 6.6/10 6.6/10 6.4/10

Vishwaraj Sugar Industries IPO Grey Market Premium

The Vishwaraj Sugar Industries IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X. 


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Vishwaraj Sugar Industries IPO News

News 1 – IPO ISSUE OPENS SOON (Download Prospectus)


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