Ahead of the listing, the company’s shares traded with a GMP of around Rs 125 in the unlisted market.
The IPO, which was completely a fresh equity sale of 65.82 lakh shares, was booked over 200 times, thanks to robust response from all categories.
The net proceeds from the public offer will be used for funding working capital requirements, capital expenditure and general corporate purposes.
VVIP Infratech is a Class A civil and electrical contractor. The company is engaged in the business of execution and construction of infrastructure projects such as sewer, sewer treatment plants, water tanks, water treatment plants, sector development work, electrical distribution and substations up to 33 KVA.Also Read: Two early Ola Electric investors to reap up to 824% returns in biggest IPO this year
The company is primarily working on projects in the state of UP, Uttarakhand, NCR Delhi and other northern part of India. It claims to be well-positioned to play a key role in the development of India’s infrastructure sector, particularly in the area of STPs.
Currently, it has an order book of Rs 477.62 crore, including an operation and maintenance (O&M) order book of Rs 126.19 crore, as of January 2024.
Further, the company has also submitted bids for Rs 182 crore against tenders in Roorkee, Uttarakhand which is under a process of being opened.
“This is a significant increase in the order book value, which is a positive sign for the company’s growth prospects. It is also a testament to the strong execution capabilities and the ability to win new projects,” VVIP Infratech said.
The India water and wastewater treatment technologies market size is expected to grow from $0.92 billion in 2023 to $1.54 billion by 2028, at a CAGR of 10.78% during the forecast period (2023-2028).
For the year ended March 2024, the company clocked total revenues of Rs 216 crore and net profit of Rs 17.78 crore.
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