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Business News/ Markets / Ipo/  V R Infraspace IPO: Check GMP, subscription status on day 3, other key details to know
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V R Infraspace IPO: Check GMP, subscription status on day 3, other key details to know

V R Infraspace IPO opens on March 4 and closes on March 6 with a price band of ₹85 apiece. The company specializes in construction and real estate development in Vadodara, Gujarat, offering luxurious yet affordable residential properties.

V R Infraspace IPO has opened for subscription on Monday, March 4, and will close on Wednesday, March 6. (https://vrinfraspace.in/)Premium
V R Infraspace IPO has opened for subscription on Monday, March 4, and will close on Wednesday, March 6. (https://vrinfraspace.in/)

V R Infraspace IPO has opened for subscription on Monday, March 4, and will close on Wednesday, March 6. V R Infraspace IPO price band has been set at 85 apiece of face value of 10 each. V R Infraspace IPO lot size consists of 1,600 shares. Investors can bid for a minimum of 1,600 shares and in multiples thereof. The issue price is 8.50 times of the face value.

V R Infraspace Limited is a construction and real estate development business based in and around Vadodara, Gujarat, that specialises in building and developing residential and commercial developments.

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Also Read: V R Infraspace IPO: Price band, issue size, GMP, key details to know

The company has launched initiatives for both middle-class and upper-class consumers. The portfolio of residential apartments offered by the firm includes a range of sizes and types of accommodations. The company's focus has been on creating luxurious yet reasonably priced residential real estate.

As per the red herring prospectus (RHP), the company's listed peers are Samor Reality (with a P/E of 135.23), and Laxmi Goldorna House Ltd (with a P/E of 343.68).

Between March 31, 2022, and March 31, 2023, V R Infraspace Limited's profit after tax (PAT) climbed by 229.16% while its revenue rose by 35.16%.

Also Read: Mukka Proteins IPO: GMP, subscription status to review. Apply or not as bidding ends today?

V R Infraspace IPO details

V R Infraspace IPO, which is worth 20.40 crore, comprises a fresh issue of 2,400,000 equity shares with a face value of 10. This is a completely a fresh issue, and there is no offer-for-sale component.

The net proceeds from the fresh offering will be used for the following purposes: meeting working capital requirements, funding the subsidiary M/s Narnarayan Enterprise, covering issue expenses, and general corporate purposes.

The registrar for the V R Infraspace IPO is Link Intime India Private Ltd, and the book running lead manager of the offering is Beeline Capital Advisors Pvt Ltd. Spread X Securities is the market maker for the V R Infraspace IPO.

V R Infraspace IPO subscription status 

V R Infraspace IPO subscription status is 39.93 times, on day 3, so far. The issue received positive response from retail investors who's portion set was subscribed 58.93 times, and non-institutional buyers who's portion set was subscribed 18.46 times, according to data on chittorgarh.com.

The company has received bids for 9,09,71,200 shares against 22,78,400 shares on offer, at 13:49 IST, according to data on chittorgarh.com.

V R Infraspace IPO subscription status was 4.58 times, on day 1, and the issue was booked 14.98 times. 

Also Read: RK Swamy IPO opens today: GMP, review, subscription status, price, date, other details. Apply or not?

V R Infraspace IPO GMP today

V R Infraspace IPO GMP or grey market premium is +30. This indicates V R Infraspace share price were trading at a premium of 30 in the grey market, according to www.investorgain.com

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of V R Infraspace share price is 115 apiece, which is 35.29% higher than the IPO price of 85.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

V R Infraspace IPO Review

“The company is in reality segment and construction affordable housing projects in and around Vadodara. It is operating in a highly competitive and fragmented segment. On the financial performance front, it posted bumper profits for FY23 indicating some window dressing for inflated valuations. Based on FY24 annualized earnings, the issue appears exorbitantly priced. There is no harm in skipping this “High Risk/Low Return" bet," said Dilip Davda, the contributing editor at Chittorgarh.

Also Read: Owais Metal and Mineral Processing Limited share price makes a stellar debut, stock opens with 187% premium at 250

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

 

 

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Published: 04 Mar 2024, 01:31 PM IST
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