VL Infraprojects share price made a stellar debut in the Indian stock market on Tuesday as the stock was listed with a hefty premium. VL Infraprojects shares were listed at ₹79.80 apiece on NSE SME, a premium of 90% to the issue price of ₹42.00 per share.
VL Infraprojects IPO listing was in-line with street estimates. VL Infraprojects IPO GMP today indicated a listing with more than 140% premium. However, as NSE has imposed a price control cap of 90% on the SME IPO issue price during the pre-opening session, VL Infraprojects IPO listing was at 90% premium.
The initial public offering (IPO) of VL Infraprojects opened for subscription on July 23 and closed on July 25. The IPO allotment was finalized on July 26 and the IPO listing date is today, July 30. VL Infraprojects IPO is an SME IPO and the equity shares of the company are listed on NSE Emerge platform.
VL Infraprojects IPO price band was set at ₹39 to ₹42 per share. The company raised ₹18.52 crore from the book-built issue that was entirely a fresh issue of 44.1 lakh equity shares.
The company proposes to use the net issue proceeds to meet working capital requirements and general corporate purposes.
VL Infraprojects IPO received strong demand from investors across categories during its bidding period. The IPO was subscribed 636.17 times in total as the issue received bids for 185.88 crore equity shares as compared to 29.22 lakh shares on the offer.
The IPO was subscribed 844.22 times in the retail category, 203.73 times in the Qualified Institutional Buyers (QIB) category, and 726.56 times in the Non-Institutional Investors (NII) category.
Beeline Capital Advisors Pvt Ltd is the book running lead manager of the VL Infraprojects IPO, while Skyline Financial Services Private Ltd is the IPO registrar.
VL Infraprojects is a civil infrastructure company that offers planning, construction, and commissioning of various government projects, especially in water infrastructure and irrigation.
