Two small and medium enterprise (SME) IPOs are currently seeing a huge interest in the grey market, trading at more than double their issue prices.
VL Infraprojects IPO
VL Infraprojects, whose IPO started on Wednesday, is trading at a grey market premium (GMP) of ₹55. This means the shares are priced at a 130% premium over the offer price. The IPO price is ₹42 per share, with the company planning to issue 44.1 lakh fresh equity shares. The funds raised will be used for working capital and general corporate purposes.
VL Infraprojects works on water supply and sewerage infrastructure projects, which include laying, joining, and commissioning pipes, along with related civil engineering work like building pumping stations. Beeline Capital Advisors is managing the issue, and Skyline Financial Services is the registrar.
SA Tech Software India IPO
SA Tech Software India’s IPO opens for subscription on July 26 and closes on July 30. The company has set a price range of ₹56 to ₹59 per share. In the grey market, these shares are trading at a premium of over 100% above the issue price. Investors can bid for a minimum of 2,000 shares.
Based in Pune and Bengaluru, SA Tech Software India is an IT consulting company. It has been serving global and domestic clients for over a decade through its holding company, SA Technologies Inc., USA. The company offers a variety of digital solutions and products, leveraging its global presence to solve complex technological problems.
GYR Capital Advisors is the lead manager for this IPO, and Bigshare Services is the registrar.
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