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Vishnu Prakash R Punglia IPO ends with stellar subscription

Published on Aug 29, 2023 11:15

The Qualified Institutional Buyers (QIBs) category was subscribed 171.69 times. The Non Institutional Investors (NIIs) category was subscribed 111.03 times. The Retail Individual Investors (RIIs) category was subscribed 32.01 times.

The initial public offer (IPO) of Vishnu Prakash R Punglia received bids for 1,92,58,37,550 shares as against 2,19,30,000 shares on offer. The issue was subscribed 87.82 times.

The issue opened for bidding on Thursday (24 August 2023) and it will close on Monday (28 August 2023). The price band of the IPO is fixed at Rs 94-99 per share.

The IPO comprises entirely of fresh issue of 3.12 crore equity shares. Of the net proceeds from the issue, about Rs 62.177 crore will be used to fund capex requirements for the purchase of equipments/machineries, Rs 150 crore for funding the working capital requirements and balance was general corporate purposes.

Ahead of the IPO, Vishnu Prakash R Punglia on Wednesday, 23 August 2023 raised Rs 91.77 crore from anchor investors. The board allotted 92.70 lakh shares at Rs 99 each to 13 anchor investors.

Vishnu Prakash R Punglia is an integrated engineering, procurement and construction (EPC) company with experience in design and construction of various infrastructure projects for the Central and state government, autonomous bodies, and private bodies across nine states and one Union territory in India.

The company`s principal business operations are broadly divided into four categories: water supply projects (WSP); railway projects; road projects and irrigation network projects.

The company reported a consolidated net profit of Rs 90.64 crore and total income of Rs 1,168.40 crore for the twelve months ended on 31 March 2023.

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