VKS Projects is trading at Rs 55.80, a 1.5% premium against its issue price of Rs 55 per share in the pre-open bidding on the Bombay Stock Exchange.
The engineering procurement and construction (EPC contractor) company has raised Rs 55 crore through initial public offer (IPO), fixed issue price at lower end of price band of Rs 55-60 a share.
The company has proposed to use the net proceeds of the issue to meet long-term working capital requirements besides financing the procurement of construction equipment and key machineries and the setting up of engineering design studio/office and training centre in Chennai, Cochin, Delhi, Hyderabad and Ahmedabad.