NSE SME V R Infraspace makes dull debut

Shares of V R Infraspace were quoting at Rs 86 on the NSE, a premium of 1.18% compared with the issue price of Rs 85.

The scrip was listed at Rs 90, a premium of 5.88% compared with the initial public offer (IPO) price. The stock is currently down 4.44% over its listing price.

The counter hit a high of Rs 91 and a low of Rs 85.50. About 13.89 lakh shares of the company changed hands at the counter.

V R Infraspace's IPO received was subscribed 86.27 times. The issue opened for bidding on 4 March 2024 and it will close on 6 March 2024. The price of the IPO was fixed at Rs 85 per share.

The IPO comprised fresh issue of 24,00,000 shares. The promoter and promoter shareholding will dilute to 72.97% from 100% pre-IPO.

The company intends to utilize the net fresh issue proceeds for investment into the companys subsidiary namely Daxon Realty (formerly known as Narnarayan Enterprise) and part financing the construction of VR Vivanta, to meet working capital requirement and for general corporate purpose.

V R Infraspace is a construction and real estate development company, focused primarily on construction and development of residential and commercial projects, in and around Vadodara, Gujarat. The company offers a range of luxurious, affordable residential buildings with various types of accommodations. Each building has security systems, sports and recreational facilities, play areas, and electricity backups. The company provides residential and commercial projects under the brand name "VR". As of 31 August 2023, the company has 9 employees at the construction site and registered office, including key management personnel.

The company recorded revenue from operations of Rs 7.26 crore and net profit of Rs 0.89 crore for the period as on 30 September 2023. 

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