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BSE SME IPO OF VVIP INFRATECH SUBSCRIBED 4.12 TIMES

Published on Jul 23, 2024 18:02

The initial public offer (IPO) of VVIP Infratech received bids for 2,71,56,000 shares as against 65,82,000 shares on offer, as per BSE data as of 17:00 hours on Tuesday (23 July 2024). The issue was subscribed 4.12 times.

The issue opened for bidding on Tuesday (23 July 2024) and it will close on Thursday (25 July 2024). The price band of the IPO is fixed between Rs 91 to Rs 93 per share. The minimum order quantity is 1,200 equity shares. The equity shares will list on BSE�s SME platform.

The IPO comprises fresh issue of 65,82,000 equity shares. The promoter and promoter group shareholding will dilute to 68% from 92.34% pre-issue.

About 3,38,400 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 62,43,600 equity shares. The issue and the net issue will constitute 26.36% and 25% respectively of the post offer paid up equity share capital of the company.

The company intends to utilize the net proceeds to meet working capital requirement, capital expenditure and general corporate purpose.

Ahead of the IPO, VVIP Infratech on Monday, 22 July 2024, raised Rs 17.40 crore from anchor investors. The board allotted 18.72 lakh shares at Rs 93 per share to 7 anchor investors.

Vibhor Vaibhav Infra Private (VVIPL) is engaged in the business of execution and construction of infrastructure projects such as Sewer, Sewer Treatment Plants, Water Tanks, Water Treatment Plants, Sector Development work, Electrical Distribution. It has spread business operations in field of Infrastructure, Real Estate, Electrical and Civil work. The company has an order book of Rs 477.62 crore, including an operation and maintenance (O&M) order book of Rs 126.19 crore as on 31 January 2024. The company has 167 employees.

The company recorded revenue from operations of Rs 283.52 crore and net profit of Rs 21.03 crore for the period as on 31 March 2024.

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