Shares of Vruddhi Engineering Works made a quite start on the BSE SME platform on April 3, listing at Rs 71, a premium of 1.4 percent over the issue price of Rs 70.
Soon after the listing, the stock price surged 6.5 percent to trade at Rs 74.55.
The Vruddhi Engineering Works IPO was subscribed 12.67 times. The issue's retail component was booked 20.10 times, while the non-institutional investors portion was subscribed 28.14 times. The buyers category for qualified institutions was reserved 1.05 times.
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The Rs 4.76-crore public offer was purely a fresh issue of 7.2 lakh shares. The company will use the net proceeds of the offer to fund both its working capital needs and its general corporate purpose.
Founded in 2020, the company provides mechanical splicing solutions to the real estate, construction, and infrastructure sectors. Their offerings include the development, design, and supply of reinforcement couplers, catering to various customer requirements. Additionally, the company offers on-site threading services to its clients.
Fedex Securities Pvt Ltd is the book running lead manager of the Vruddhi Engineering Works IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.
The price band for the issue was fixed at Rs 66-70.
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