V R Infraspace made its debut on NSE SME today with a modest start. The share price opened at ₹90 on NSE SME, showing a 5.88% increase from the issue price of ₹85.
V R Infraspace’s IPO opened for subscription on March 4 and closed on March 6. The IPO price band was ₹85 per share with a face value of ₹10 each.
The lot size was 1,600 shares, and investors could bid for a minimum of 1,600 shares and in multiples thereof.
V R Infraspace Limited is a construction and real estate development company based in Vadodara, Gujarat.
They specialize in residential and commercial projects in and around the region.
According to the red herring prospectus (RHP), V R Infraspace Limited’s listed peers are Samor Reality (P/E of 135.23) and Laxmi Goldorna House Ltd (P/E of 343.68).
From March 31, 2022, to March 31, 2023, V R Infraspace Limited’s profit after tax (PAT) increased by 229.16%, and its revenue grew by 35.16%.
V R Infraspace IPO details
V R Infraspace IPO is valued at ₹20.40 crore and involves a fresh issue of 2,400,000 equity shares with a face value of ₹10 each. There is no offer-for-sale component in this IPO.
The proceeds from the fresh offering will be allocated for various purposes including meeting working capital needs, funding the subsidiary M/s Narnarayan Enterprise, covering issue expenses, and general corporate purposes.
Link Intime India Private Ltd is the registrar for the V R Infraspace IPO, and Beeline Capital Advisors Pvt Ltd is the book running lead manager. Spread X Securities serves as the market maker for the V R Infraspace IPO.
V R Infraspace IPO GMP today
The grey market premium (GMP) for V R Infraspace IPO is +6, meaning the shares are trading at a ₹6 premium in the grey market as per www.investorgain.com.
Based on this premium and the upper end of the IPO price band, V R Infraspace shares are estimated to list at ₹91 each, which is 7.06% higher than the IPO price of ₹85.
The ‘grey market premium’ shows investors’ willingness to pay above the issue price.
