Vruddhi Engineering Works IPO: Check GMP, subscription status on day 3, other details
- Vruddhi Engineering Works IPO open for subscription from March 26 to March 28 with a price band of ₹66 to ₹70 per share. The company specialises in rebar couplers for infrastructure and construction sectors. Grey market premium at ₹0 indicates shares trading at issue price of ₹70.
Vruddhi Engineering Works IPO has opened for subscription on 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.
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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
The issue has been subscribed 12.06 times, so far in the Day 3. The issue's retail portion has been booked 18.31 times and Non-institutional investors segment has been subscribed 28.06 times, as per data available at chittorgarh.com. Qualified institutions buyers segment has been booked 1.05 times.
The company received bids for 86,80,000 shares against 7,20,000 shares on offer, at 16:05 IST, according to data on chittorgarh.com.
On Day 2, Vruddhi Engineering Works IPO subscription status is 4.13 times.
The issue's retail portion has been booked 6.82 times and Non-institutional investors segment has been subscribed 96%, as per data available at chittorgarh.com. Qualified institutions buyers segment has been booked 2.63 times.
On Day 1, the issue's retail portion was booked 1.89 times and Non-institutional investors segment was subscribed 29%, as per data available at chittorgarh.com. Qualified institutions buyers segment was booked 1.31 times.
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.
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.
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