V L Infraprojects IPO to open for subscription tomorrow; price band set at ₹39-42 apiece

V L Infraprojects IPO is scheduled to begin subscriptions on Tuesday, July 23, and end on Thursday, July 25. The price band for the V L Infraprojects' initial public offering is ₹39 to ₹42 per share, with a face value of ₹10. A minimum of 3,000 shares, as well as multiples of those shares, are up for bid.

V L Infraprojects IPO have allocated equity shares to Qualified Institutional Buyers (QIB) up to 8,34,000; Non-Institutional Investors (NII) up to 6,27,000; Retail Individual Investors up to 14,61,000; and Market Makers up to 2,40,000 shares.

V L Infraprojects specialises in the design, construction, and completion of government projects, notably those involving water infrastructure and irrigation. They work on water supply and sewerage infrastructure projects such as pipe procurement and installation, civil works construction, and electromechanical equipment installation, as well as water distribution pipeline operations and maintenance. The firm possesses several permits and registrations in Karnataka, Telangana, and Madhya Pradesh. It is also a Government Approved Contractor in the "AA" Class with the Gujarat government.

As per the red herring prospectus (RHP), the company's listed peer is EMS Ltd (with a P/E of 13.920.

In FY24, the firm had a revenue of ₹11,393.16 lakhs, EBITDA of ₹1,090.40 lakhs, and PAT of ₹614.01 lakh.

V L Infraprojects IPO details

The V L Infraprojects IPO, worth ₹18.52 crore, consists of a fresh issuance of 4,410,000 equity shares at face value of ₹10. There is no offer-for-sale component.

The proceeds from the fresh issue will be used to meet the following objectives: meeting working capital requirements and general corporate purposes.

Beeline Capital Advisors Pvt Ltd is the book-running lead manager for the V L Infraprojects IPO, while Skyline Financial Services Private Ltd is the registrar. Spread X Securities is the market maker for V L Infraprojects IPO.

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