Vruddhi Engineering IPO: Check GMP, subscription status on day 1, other details
[ad_1]
Vruddhi Engineering Works IPO has opened for subscription today (Tuesday, March 26), and will close on Thursday, March 28. The issue’s price band has been set in the range of ₹66 to ₹70 per equity share of face value of ₹10 each. The IPO lot size for Vruddhi Engineering Works is 2,000 shares.
The company’s main line of business is designing, producing, and manufacturing rebar couplers to supply mechanical splicing solutions to the infrastructure, construction, and real estate sectors. Within this sector, the firm offers (a) supply of rebar couplers according to customer specifications, (b) on-site threading services for couplers, and (c) trade of threading equipment and spares.
The company’s chairman, managing director, and promoter is Bindi Kunal Mehta.
Also Read: Vruddhi Engineering Works IPO to open next week, price band fixed at ₹66-70 apiece; details here
“Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!” Click here!
The company’s listed peers, according to the Red Herring Prospectus (RHP), are SRU Steels Ltd. (P/E of 11.47) and Shiv Aum Steels Ltd. (P/E of 29.63).
The company’s profit after tax (PAT) increased by 697.99% between March 31, 2022, and March 31, 2023, while the company’s revenue increased by 493.53% over the same period.
Vruddhi Engineering Works IPO Subscription Status
On Day 1, the issue’s retail portion has been booked 76% and Non-institutional investors segment has been subscribed 14% so far at 14:00 IST, as per data available at chittorgarh.com.
Vruddhi Engineering Works IPO details
Vruddhi Engineering Works IPO, worth ₹4.76 crore, consists of a fresh issue of equity shares with a face value of ₹10. There is no offer-for-sale component.
The company will support both its working capital needs and its general corporate purpose using the net proceeds from the issue.
Bigshare Services Pvt Ltd is the registrar of the Vruddhi Engineering Works IPO, while Fedex Securities Pvt Ltd is the book running lead manager.
Also Read: GConnect Logitech IPO opens today: GMP, price, subscription status, other details of BSE SME IPO in 10 points
Vruddhi Engineering Works IPO GMP today
Vruddhi Engineering Works IPO GMP or grey market premium was ₹0, which meant shares were trading at their issue price of ₹70 with no premium or discount in the grey market according to investorgain.com.
Analysts at investorgain.com predict that the current IPO GMP trend will continue till the day of listing based on the activity of the last eight sessions of the grey market.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Also Read: SRM Contractors IPO opens today: GMP, review, subscription status, other details. Apply or not?
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.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
More
Less
Published: 26 Mar 2024, 02:15 PM IST
[ad_2]
Source link
