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Two SME IPOs, VL Infraprojects and SA Tech Software India, are seeing significant premiums in the grey market. VL Infraprojects' shares are trading at a Rs 55 premium, while SA Tech Software India’s IPO is set to open on July 26. Both companies plan to use the net proceeds for general corporate purposes and working capital needs.
Despite the price cap for listing on the NSE SME platform, these IPOs are commanding over 100% above their issue price according to grey market trends.
VL Infraprojects, whose IPO opened recently, is trading at a GMP of Rs 55, reflecting a premium of over 130% to its offer price of Rs 42 per share. The company will use the proceeds for working capital and corporate purposes. VL Infraprojects focuses on water supply and sewerage infrastructure projects, including pipe procurement, laying, joining, commissioning, and civil engineering works. Beeline Capital Advisors is the lead manager, and Skyline Financial Services is the registrar.
Similarly, SA Tech Software India's shares are trading at over 100% premium. The IPO will open on July 26 and close on July 30, with a price band of Rs 56-59 per share. Investors can bid for 2,000 shares per lot. Based in Pune and Bengaluru, SA Tech Software provides IT consulting services, with experience in both global and domestic markets through its promoter and holding company SA Technologies Inc., USA. GYR Capital Advisors is the lead manager, and Bigshare Services is the registrar.
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