Vruddhi Engineering Works witnessed a subdued start on the BSE SME platform today, with its share price opening at ₹71, marking a marginal increase of 1.4% over the issue price of ₹70.
The IPO subscription for Vruddhi Engineering Works commenced on Tuesday, March 26, and concluded on Thursday, March 28. The price band for the issue was set between ₹66 to ₹70 per share, with each share having a face value of ₹10. The lot size for the IPO comprised 2,000 shares, and bids could be placed in multiples of 2,000 shares, with a minimum bid of 2,000 shares.
According to data from chittorgarh.com, the subscription status of the Vruddhi Engineering Works IPO on Day 3 stood at 12.67 times. The retail portion of the issue was oversubscribed by 20.10 times, while the non-institutional investors segment saw a subscription of 28.14 times. The qualified institutions’ buyers category was subscribed 1.05 times.
The Vruddhi Engineering Works IPO, valued at ₹4.76 crore, comprises only a fresh issue of equity shares with a face value of ₹10 each, without any offer-for-sale component.
The net proceeds from the IPO will be utilized by the company to address its working capital requirements and for general corporate purposes.
Fedex Securities Pvt Ltd is serving as the book running lead manager for the Vruddhi Engineering Works IPO, while Bigshare Services Pvt Ltd has been appointed as the issue registrar.
