Unlisted shares of V L Infraprojects Ltd are trading Rs 55 higher in the grey market, signalling a 130.95 per cent listing gain from the public issue.
V L Infraprojects IPO: The initial public offering (IPO) of VL Infraprojects Limited, which was opened for public subscription on Tuesday, has received a blockbuster response from investors so far. Till 1:08 pm on the second day of bidding on Wednesday, July 24, the 18.52-crore SME IPO received a 110.21 times subscription, garnering bids for 32,20,41,000 shares as against 29,22,000 shares on offer.
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According to the latest data, the retail quota received a 185.99 times subscription, while the non-institutional investors category got a 79.06 times subscription. The qualified institutional buyers (QIB) category received an 88 per cent subscription.
The V L Infraprojects IPO will be closed on Thursday, July 25. The share allotment will likely be finalised on July 26, while its listing will take place on the NSE SME on July 30.
VL Infraprojects is engaged in water pipeline and sewerage related activities and adding irrigation, building and road construction activities.
The price band of the IPO has been fixed at Rs 39-Rs 42 apiece.
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V L Infraprojects IPO GMP Today
According to market observers, unlisted shares of V L Infraprojects Ltd are trading Rs 55 higher in the grey market as compared with its issue price. The Rs 55 grey market premium or GMP means the grey market is expecting a 130.95 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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V L Infraprojects IPO: More Details
The VL Infraprojects IPO is entirely a fresh issue of 44.1 lakh shares.
Investors need to apply for a minimum of 3,000 equity shares and in multiples thereof. Hence, the minimum investment by retail investors would be Rs 1,26,000 [3,000 (lot size) x Rs 42 (upper price band)].
V L Infraprojects Limited, which was founded in 2014, offers the planning, construction, and commissioning of various government projects, especially in the field of water infrastructure and irrigation.
Its revenue jumped 149.72 per cent and net profit increased 175.76 per cent during the financial year 2023-24.
The IPO proceeds will be utilised towards meeting working capital requirements and general corporate purposes.
Beeline Capital Advisors Pvt Ltd is the book running lead manager of the V.L.Infraprojects IPO, while Skyline Financial Services Private Ltd is the registrar for the issue. The market maker for V.L.Infraprojects IPO is Spread X Securities.
