VR Infraspace makes lukewarm debut, lists at 6% premium to issue price

Shares of VR Infraspace shares made a tepid debut on the NSE SME platform, Emerge, on Tuesday as the stock opened marginally higher to the IPO price. VR Infraspace shares listed nearly 6% higher at ₹90 apiece against its issue price of ₹85.

After opening 5.88% higher at ₹90 per share, the realty stock further dropped 5% to a low of ₹85.5 apiece on NSE after hitting a high of ₹91. The stock marginally recovered to trade at ₹88 apiece, up 2.22% at 11:03 am.

The trading volume by 11:10 am stood at over 13.84 crore while the company’s market capitalisation reached 76.37 crore.

The allotment for the VR Infraspace IPO was finalised last Thursday, March 7, following an encouraging response from investors. The initial public offer was subscribed 91 times during its three-day bidding window.

The issue received bids for 20,70,57,600 shares against 2,278,400 shares on offer during the three-day subscription window.

The public offer, which was available for subscription from March 4 to March 6, received 96 times subscriptions from retail investors and 85 times from participants in other categories. The VR Infraspace IPO price was set at ₹85 per share. The minimum lot size for an application was 1,600 shares, necessitating a minimum investment of ₹1,36,000 for retail investors.

The SME IPO, a fixed-price issue of ₹20.4 crore, was completely a fresh issue of 24 lakh shares with a face value of ₹10 each.

Link Intime India Private Ltd was the registrar to the IPO, while Beeline Capital Advisors Pvt Ltd acted as the book-running lead manager for the public offering. Spread X Securities was the market maker for the VR Infraspace IPO.

VR Infraspace Limited initiated refunds for non-allottees on March 11 and credited shares to Demat accounts of successful applicants the same day.

Incorporated in 2015, VR Infraspace Limited is into the real estate business. The company is primarily focused on constructing and developing residential and commercial projects in and around Vadodara, Gujarat.

VR Infraspace offers a range of luxurious and affordable residential properties with various types of accommodations equipped with various features. The features include security systems, sports and recreational facilities, play areas and electricity backups.
VR Infraspace has successfully completed residential projects named VR Celebrity Luxuria and VR Imperia, along with a commercial project named VR One Commercial Business Centre.

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