BSE SME Vruddhi Engineering Works makes a decent listing

Shares of Vruddhi Engineering Works were quoting at Rs 74.55 on the BSE, a premium of 6.50% compared with the issue price of Rs 70.

The scrip was listed at Rs 71, a premium of 1.43% compared with the initial public offer (IPO) price. The stock is currently stuck at an upper limit of 5% over its listing price.

The counter hit a high of Rs 74.55 and a low of Rs 71. About 3.98 lakh shares of the company changed hands at the counter.

Vruddhi Engineering Works' IPO was subscribed 13.41 times. The issue opened for bidding on 26 March 2024 and it closed on 28 March 2024. The price band of the IPO was fixed at Rs 66 to Rs 70 per share.

The company intends to utilise the net fresh proceeds for funding the working capital requirements of the company and general corporate purposes.

Vruddhi Engineering Works is mainly engaged in offering mechanical splicing solutions to the real estate, construction and infrastructure industry by designing, engineering and supplying of rebar couplers. The company offers supply of rebar couplers as per customer needs, on-site threading services of the couplers, trading in threading machines and spares.

The company recorded revenue from operations of Rs 9.35 crore and net profit of Rs 0.41 crore for the period ended 30 September 2023.

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