After a strong response from investors during the bidding period from July 23 to July 25, the allotment process for V.L. Infraprojects is set to be finalized today. Investors can check their allotment status through the registrar, Skyline Financial Services Private Ltd.
With the retail category oversubscribed, shares will be allocated to retail individual investors (RIIs) on a proportional basis. For those not receiving an allotment, V.L. Infraprojects will begin the refund process on July 26, 2024.
Checking Allotment Status
You can check your allotment status on the Skyline Financial Services website using the following steps:
- Visit Skyline Financial Services IPO page.
- Select the V.L. Infraprojects IPO from the dropdown menu (the name will appear once the allocation is complete).
- Choose the PAN, Demat Account, or Application Number to view the status.
- The screen will display the IPO status and the total number of shares allotted.
IPO Details
The IPO for V.L. Infraprojects, an SME IPO, opened for subscription on July 26 and will close on July 30. The IPO price band is set between ₹56 to ₹59 per share. The company aims to raise ₹23.01 crore from the issue, which consists entirely of a fresh issue of 39 lakh equity shares. The IPO lot size is 2,000 shares, with a minimum investment amount of ₹118,000 for retail investors.
The company plans to use the funds for repaying certain outstanding borrowings, working capital requirements, and general corporate purposes. The IPO listing date is tentatively set for August 2.
About V.L. Infraprojects
V.L. Infraprojects specializes in water supply and sewerage infrastructure projects, including the procurement, laying, joining, and commissioning of pipes, along with all related civil engineering works like constructing civil work, pumping stations, and installing electro-mechanical equipment. They also provide operations and maintenance services for water distribution pipelines.
Initially focused on water pipeline projects in Gujarat, the company has expanded its services to cover road construction, irrigation, water infrastructure, and environmental projects across Madhya Pradesh, Telangana, Maharashtra, and Gujarat. In FY24, water pipeline construction, including O&M services, accounted for 80% of their revenue.
IPO Subscription Status
The V.L. Infraprojects IPO saw strong demand, with a total subscription of over 636 times. The retail category was particularly high, with bids for 1,23,34,11,000 shares against the offered 1,461,000 shares. The NII and QIB portions were subscribed 726 and 203 times, respectively.
Key Figures
- IPO Size: ₹18.52 crore
- Shares Issued: 44.1 lakh newly issued shares
- Price Range: ₹39 to ₹42 per share
- Lead Manager: Beeline Capital Advisors Pvt. Ltd.
- Market Maker: Spread X Securities
The funds raised will primarily be used for working capital and general corporate purposes.
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