The Rs 210-crore IPO, which comprises entirely a fresh issue, is open for subscription from September 10 to September 15. The company has fixed the price band at Rs 130-140 per share.
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The IPO had received a boost ahead of its public launch after Veegaland Developers raised Rs 63 crore from anchor investors. Nine institutional investors participated in the anchor book, with EQ India Fund emerging as the largest participant after purchasing 10.71 lakh shares for Rs 15 crore at the upper end of the price band.
Swyom India Alpha Fund and Tiger Strategies Fund acquired 7.14 lakh shares and 5.71 lakh shares for Rs 10 crore and Rs 8 crore, respectively. Taurus Mutual Fund, Innovative Value Fund, Visionary Value Fund, VBCUBE Ventures Trust and CP Capital each picked up 3.57 lakh shares for Rs 5 crore.
In the grey market, Veegaland Developers shares were commanding a premium ahead of the issue. InvestorGain showed a grey market premium (GMP) of Rs 25 per share, implying an indicative listing price of Rs 165 against the IPO's upper price band of Rs 140. This translates into a potential premium of around 18 percent over the issue price.