Shares of V L Infraprojects were quoting at Rs 83.75 on the NSE, a premium of 99.40% compared with the issue price of Rs 42.
The scrip was listed at Rs 79.80, a premium of 90% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.The counter hit a high of Rs 83.75 and a low of Rs 79.80. About 5.34 lakh shares of the company changed hands at the counter.
V L Infraprojects' IPO was subscribed 39.75 times. The issue opened for bidding on 23 July 2024 and it closed on 25 July 2024. The price band of the IPO was set at Rs 39 to Rs 42 per share.
The IPO comprised fresh issue of 44,10,000 shares. The promoter and promoter group shareholding diluted to 65.39% from 90.91% pre-IPO.
The company intends to utilize the net proceeds for working capital requirements and general corporate purposes.
Ahead of the IPO, V L Infraprojects on 22 July 2024, raised Rs 5.24 crore from anchor investors. The board allotted 12.48 lakh shares at Rs 42 per share to 4 anchor investor.
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V L Infraprojects specializes in building water supply and sewage systems. Their work involves everything from buying pipes to installing pumps and managing the water distribution network. The company also offers maintenance services for water pipelines. It has about 30 employees.
The company recorded revenue from operations of Rs 113.93 crore and net profit of Rs 6.14 crore for the period as on 31 March 2024.
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