The initial public offering (IPO) of Vdeal System opened for subscription on Tuesday, August 27, 2024, and will close on Thursday, August 29, 2024.
Subscription Status
On the first day, the Vdeal System IPO was subscribed 4.41 times by 5:30 PM. In detail, the retail category saw a strong response with 7.61 times subscription, while the Non-Institutional Investor (NII) category was subscribed 1.21 times. However, there were no subscriptions in the Qualified Institutional Buyers (QIB) category.
Key Dates
The subscription period for the Vdeal System IPO is from August 27 to August 29, 2024. The allotment of shares is expected to be completed on August 30, 2024, and the shares are likely to be listed on the NSE SME on September 3, 2024.
IPO Details
The IPO price is set at ₹112 per share. Investors must apply for a minimum of 1,200 shares, which means the minimum investment for retail investors is ₹134,400. High Net-Worth Individuals (HNIs) need to invest at least ₹268,800, which requires them to buy a minimum of two lots (2,400 shares).
Purpose of the IPO
Vdeal System Limited, founded in December 2009, offers integrated electrical and automation solutions. The company plans to raise ₹18.08 crores through this IPO by issuing 16.14 lakh fresh shares. The funds will be used for:
- Meeting working capital requirements
- Repaying certain secured and unsecured loans
- General corporate purposes
- Covering IPO-related expenses
Grey Market Premium (GMP)
On Tuesday, the Grey Market Premium (GMP) for Vdeal System’s IPO was ₹20, according to investorgain.com. This suggests that shares are trading at ₹132 in the grey market, which is 17.86% higher than the IPO price of ₹112 per share.
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