The initial public offer (IPO) of V L Infraprojects received bids for 17,53,23,000 shares as against 44,10,000 shares on offer, as per NSE data as of 17:00 hours on Tuesday. The issue was subscribed 39.75 times.

The issue opened for bidding on Tuesday (23 July 2024) and it will close on Thursday (25 July 2024). The price band of the IPO is fixed at Rs 39 to Rs 42 per share. The minimum order quantity is 3,000 equity shares. The equity shares will list on NSE’s SME platform.

The IPO comprises fresh issue of 44,10,000 shares. The promoter and promoter group shareholding will dilute to 65.39% from 90.91% pre-IPO.

About 2,40,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 41,70,000 equity shares. The issue and the net issue will constitute 28.07% and 26.54%, respectively of the post offer paid up equity share capital of the company.

The company intends to utilize the net proceeds for working capital requirements and general corporate purposes.

Ahead of the IPO, V L Infraprojects on Monday, 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.

V L Infraprojects is engaged in executing water supply and sewerage infrastructure projects mainly involving the procurement of pipes and their laying, joining, and commissioning with backward integration including all allied civil engineering works like construction of civil work, pumping stations and installation of electro-mechanical equipment’s (pumping machinery) for distribution of water supply from the river to household. It’s also providing operations & maintenance services for water distribution pipelines. As on 31 March 2024, the company has total 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.