BSE SME VVIP Infratech spurts on debut

Shares of VVIP Infratech were quoting at Rs 185.53 on the BSE, a premium of 99.49% compared with the issue price of Rs 93.

The scrip was listed at Rs 176.70, 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 185.53 and a low of Rs 176.70. About 8.96 lakh shares of the company changed hands at the counter.

VVIP Infratech's IPO was subscribed 219.97 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 91 to Rs 93 per share.

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

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 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.

VVIP Infratech is a construction company that specializes in building infrastructure projects like sewage systems, water treatment plants, and electrical networks. They also work in real estate development. As of January 2024, the company had a large order backlog of Rs 126.19 crore and it employed over 160 people.

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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