Vinit Mobile debuts weak on NSE SME, lists at 2% discount and locks 5% lower circuit
The 35-store multi-brand mobile retailer listed at ₹155 versus its ₹158 issue price before hitting the 5% lower circuit. The IPO was subscribed just 1.58 times against a ₹150–₹158 band. Proceeds from the 21.60 lakh-share fresh issue fund store expansion and working capital, on revenue of ₹55.36 crore and net profit of ₹5.10 crore.
Vinit Mobile, a multi-brand mobile retail chain with 35 stores selling smartphones and accessories, made a weak NSE SME debut, listing at a 2% discount and hitting the 5% lower circuit. IPO proceeds fund store expansion and working capital.