V R Infraspace
Fixed Price issueSME₹20.40 Cr issue
+5.88%
Listing gain over issue price
Issue size
₹20.40 Cr
1 lot at cut-off
₹1,36,000
Lot size
1,600shares
Open
04 Mar 2024
Close
06 Mar 2024
Allotment
07 Mar 2024
Listing
12 Mar 2024
Listing performance
Issue price
₹85
Listed at
₹90
Listing-day close
₹87.40
Latest price
₹95.70
Close on 19 Oct 2026
Listing gain
+5.88%
Return since issue
+12.59%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 Mar 2024 – 06 Mar 2024
- Listing date
- 12 Mar 2024
- Face value
- ₹10 per share
- Issue price
- ₹85 per share
- Lot size
- 1,600 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹20.40 Cr
- Market cap at offer price
- ₹75.48 Cr
- Promoter holding
- 100.00% → 72.97% pre-issue → post-issue
- ISIN
- INE0QQM01017
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- National Trade Center N.H.8, Opp.L & T, Bapod Na, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 1,21,600 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹85
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,36,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,72,000 |
| S-HNI (max) | 7 | 11,200 | ₹9,52,000 |
| B-HNI (min) | 8 | 12,800 | ₹10,88,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
₹85 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.05 | 2.02 |
| P/E (×) | 20.99 | 42.08 |
| Price to book (×) | 6.26 | — |
| Market cap | — | ₹75.48 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 6.94%
- ROCE
- 6.12%
- Debt / equity
- 0.51
- PAT margin
- 12.33%
- NAV per share
- ₹13.57
- Price to book
- 6.26
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About V R Infraspace
V R Infraspace Limited is an integrated construction and real estate development company incorporated on December 16, 2015 as a private limited company and converted to a public limited company on August 10, 2023. The company is focused primarily on construction and development of residential and commercial projects in and around Vadodara, Gujarat. The company has been serving people of Vadodara with residential and commercial projects and has established itself as a credible and recognized name in the real estate market of Vadodara. The company generates revenues through the development and sale of residential and commercial real estate units.
Company Analysis
from DRHPV R Infraspace Limited is an integrated construction and real estate development company focused on residential and commercial projects in Vadodara, Gujarat.
V R Infraspace Limited is an integrated construction and real estate development company incorporated on December 16, 2015 as a private limited company and converted to a public limited company on August 10, 2023. The company is focused primarily on construction and development of residential and commercial projects in and around Vadodara, Gujarat. The company has been serving people of Vadodara with residential and commercial projects and has established itself as a credible and recognized name in the real estate market of Vadodara. The company generates revenues through the development and sale of residential and commercial real estate units.
real estateconstructionresidential developmentcommercial development
Objects of the Issue
- Investment into our subsidiary namely Narnarayan Enterprise ₹1,500.00 Lakhs p.19
- To Meet Working Capital Requirement p.19
- General Corporate Expenses p.19
- Public Issue Expenses p.19
- Investment into our subsidiary namely M/s Narnarayan Enterprise and part financing the construction of VR Vivanta project 1500.00 Lakhs p.78
- To Meet Working Capital Requirement [●] Lakhs p.78
- General Corporate Purpose [●] Lakhs p.78
- To Meet the Issue Expenses [●] Lakhs p.78
Issue Structure
- Total Issue
- ₹[●] Lakhs
- Fresh Issue
- Upto 24,00,000 Equity Shares of ₹10/- each at ₹[●] per share aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil
- Face Value
- ₹10/-
Business Model
The company develops and sells residential and commercial real estate projects. Revenue is generated through the sale of units developed in their projects, which include amenities such as gardens, community spaces, security systems, playgrounds, fitness centres, swimming pools, and other facilities.
Business Segments
Construction and development of residential projects including apartments and flats with various amenities
Construction and development of commercial projects including commercial offices, shops and showrooms
Development and sale of residential apartments including 3 BHK and 4 BHK luxury flats designed with amenities such as security systems, sports and recreational facilities, play areas and electricity back-up
Development and sale of commercial business centers including showrooms, retail spaces, and corporate offices with parking facilities
Residential project
Residential and commercial space
Residential and commercial space
Upcoming luxury residential project by subsidiary Narnarayan Enterprise with 436 units of 2 & 3 BHK apartments with 40+ amenities
Development and sale of residential apartments and complexes for middle and high-income groups with various amenities
Development and sale of commercial complexes
Development and sale of luxury weekend home projects
SWOT Analysis
Strengths
- • Integrated construction and real estate development company focused on Vadodara(p.19)
- • Experienced management team with deep industry knowledge in real estate development(p.106)
- • Established brand recognition and reputation in Vadodara region(p.106)
- • Strong track record of timely project completion and efficient execution(p.106)
- • Scalable business model with customer-centric approach(p.106)
- • Quality construction standards and materials focus(p.107)
- • Ability to create destination developments that redefine surrounding geography(p.107)
- • All projects constructed on own land reducing external dependencies(p.105)
- • Experienced promoters with 8-9 years in real estate(p.147)
- • Established project execution process with multiple completed projects(p.159)
- • Strong customer retention rate(p.159)
- • Established relationships with architects and contractors(p.116)
- • Good relationships with raw material suppliers(p.116)
- • Established market presence in Vadodara real estate(p.226)
- • Experience promoter leadership in real estate sector(p.226)
- • Strong customer retention rates(p.226)
- • Significant profitability improvement(p.228)
- • Improved debt metrics and reduced leverage(p.222)
- • 100% underwritten issue with strong lead manager oversight(p.252)
- • Positive net worth and growing operating profit trajectory(p.252)
- • Established 3+ year track record meeting IPO eligibility(p.252)
- • No material regulatory or disciplinary actions against company or promoters(p.252)
- • No defaults on debt obligations or deposits(p.253)
- • Mandated market making support for 3 years post-listing(p.266)
- • No prior capital issues or external leverage complications(p.257)
- • Clean litigation and governance record(p.253)
Weaknesses
- • Entire revenue concentrated in single geographical region (Vadodara)(p.24)
- • Dependence on subsidiary project development for capital deployment(p.25)
- • Substantial outstanding indebtedness requiring significant cash flows(p.33)
- • Unsecured loans from directors that can be recalled at any time(p.36)
- • Significant litigation involving promoters(p.21)
- • No non-compete agreements with subsidiary and promoter group entities(p.32)
- • Negative operating cash flows in prior years(p.36)
- • High capital requirements inherent to real estate industry(p.108)
- • Long-term project commitments creating cash flow challenges(p.108)
- • Geographic concentration of operations in Vadodara region(p.107)
- • Vulnerability to economic fluctuations affecting real estate demand(p.108)
- • Limited portfolio with only three active/upcoming projects(p.108)
- • Small employee base and potential dependency on key personnel(p.118)
- • Significant reliance on two promoters who hold 100% of pre-issue equity(p.145)
- • Company lacks formal dividend policy(p.149)
- • No dividend history despite 5-year operations(p.149)
- • Limited scale with only 436 units in upcoming major project(p.114)
- • Significant dependence on unsecured loans from promoters(p.207)
- • Promoter group tax litigation and pending demands(p.239)
- • Outstanding tax demands against company and promoters(p.237)
- • High concentration in Vadodara market only(p.226)
- • Significant increase in inventory holding despite sales growth(p.213)
- • Small post-issue paid-up capital (under ₹25 crore) limits scale(p.252)
- • No prior public equity issuance experience(p.257)
- • Zero prior investor complaints suggest limited public market history(p.258)
- • SME platform listing limits institutional participation and liquidity(p.267)
Opportunities
- • Growth in India's residential real estate sector(p.19)
- • Expansion into additional business lines within real estate(p.31)
- • Expansion into other regions in Gujarat and major Indian cities(p.107)
- • Rising urbanization driving demand for residential and commercial real estate(p.108)
- • Infrastructure development creating new market opportunities(p.108)
- • Strong housing demand with estimated shortage of 10 million units in urban areas(p.104)
- • Government initiatives supporting real estate development(p.103)
- • Growing institutional investments in Indian real estate sector(p.102)
- • Long-term project pipeline with extended completion timelines(p.114)
- • Expansion into new geographic areas beyond Vadodara(p.130)
- • Growing residential demand in Vadodara region(p.114)
- • Potential to develop commercial and mixed-use projects(p.130)
- • Opportunity to leverage IPO proceeds for business expansion(p.116)
- • Expansion of project portfolio in Vadodara market(p.226)
- • Diversification into new geographic markets(p.234)
- • Capture middle and high-income segments across price points(p.226)
- • Growth through enhanced execution capabilities(p.226)
- • Leverage growing urban demand for residential and commercial properties(p.226)
- • Potential migration to main board upon meeting growth criteria(p.265)
- • Access to public capital markets for future growth funding(p.265)
- • IPO proceeds available for working capital and general corporate purposes(p.253)
- • Mandatory demat and trading infrastructure established(p.252)
Threats
- • Localized adverse developments in Vadodara affecting market conditions(p.24)
- • Inability to acquire land for future projects(p.24)
- • Delays and cost overruns in project completion(p.27)
- • RERA compliance requirements and regulatory penalties(p.28)
- • Fluctuations in building materials and labour costs(p.28)
- • Real estate market cyclicality and downturns(p.32)
- • Competition from organized and unorganized players(p.33)
- • Economic slowdown affecting demand(p.32)
- • Dependence on third-party contractors and suppliers(p.25)
- • Indian economic and regulatory conditions(p.37)
- • Increased competition from both local and large national real estate players(p.108)
- • Long project development timelines creating execution risk(p.108)
- • Risk of economic recession impacting real estate demand(p.108)
- • Rising interest rates affecting home loan affordability and demand(p.108)
- • Dependence on third-party service providers for design and construction(p.106)
- • Regulatory and compliance requirements in real estate development(p.107)
- • Regulatory compliance burden on real estate development(p.124)
- • Complex approval process from multiple authorities(p.116)
- • Dependence on land acquisition and conversion approvals(p.125)
- • Exposure to construction cost volatility and input price fluctuations(p.117)
- • Competitive real estate market with multiple players(p.118)
- • Real estate regulatory framework and RERA compliance requirements(p.246)
- • Economic and interest rate sensitivity affecting project viability(p.228)
- • Dependence on construction and land availability in limited geographic region(p.226)
- • Competitive pressures in Vadodara real estate market(p.234)
- • Pending tax litigations and recovery actions by income tax authorities(p.237)
- • Regulatory risk from SEBI approval and listing contingency(p.264)
- • Mandatory 50-allottee minimum creates refund risk(p.252)
- • Underwriting obligations create completion risk if market demand weak(p.286)
- • Foreign exchange and investment limit restrictions on certain investor classes(p.278)
- • Interest liability if allotment or refund delays exceed 8 days(p.286)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Vipul Devchand Rupareliya | Promoter | 70.00% | — |
| Mrs. Sumitaben Vipulbhai Rupareliya | Promoter | 30.00% | — |
| Mr. Vipul Devchand Rupareliya | Promoter | 70.00% | [●] |
| Mrs. Sumitaben Vipulbhai Rupareliya | Promoter | 30.00% | [●] |
| Mr. Vipul Devchand Rupareliya | Promoter | 70.00% | — |
| Mrs. Sumitaben Vipulbhai Rupareliya | Promoter | 30.00% | — |
| Vipulbhai Devchandbhai Rupareliya | Promoter | 70.00% | — |
| Sumita Vipulbhai Rupareliya | Promoter | 30.00% | — |
Leadership
Mr. Vipul Devchand Rupareliya · Chairman/Managing Director
Mrs. Sumitaben Vipulbhai Rupareliya · Whole Time Director
Mr. Kamlesh Kanubhai Parmar · CFO
Ms. Riya Bonnykumar Aswani · Company Secretary and Compliance Officer
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.
V R Infraspace IPO FAQs
What is the lot size of V R Infraspace IPO?
The minimum lot size of V R Infraspace IPO is 1,600 shares. One lot costs ₹1,36,000 at the cut-off price.
When does V R Infraspace IPO open and close?
V R Infraspace IPO opened for subscription on 04 Mar 2024 and closed on 06 Mar 2024.
What is the listing date of V R Infraspace IPO?
V R Infraspace IPO listed on 12 Mar 2024.