The Rs 55-crore IPO of VKS Projects, an engineering procurement and construction (EPC contractor) company, has got fully subscribed on last day. Maximum bids were received at lower end of price band of Rs 55-60 a share, as per data available on NSE website.
The reserved portion of qualified institutional, non-institutional and retail investors were subscribed 1.15 times, 0.38 times and 1.13 times, respectively.
VKS Projects is engaged in the business of undertaking EPC contracts of CS/SS/alloy steel turnkey piping, civil land development, industrial / commercial infra projects, structural fabrication and erection of equipments, fire fighting projects and commissioning of chemical plants. In terms of industry segments, the company caters to chemicals, oil and gas (onshore and offshore), refinery, petrochemicals, dyestuff, pharma & bulk drugs, metallurgy, power and textiles.
The proceeds raised through this public issue are proposed to be deployed to meet long-term working capital requirements besides financing the procurement of construction equipment and key machineries and the setting up of engineering design studio/office and training centre in Chennai, Cochin, Delhi, Hyderabad and Ahmedabad.