Vishnu Prakash R Punglia IPO subscribed 10.63 times

Published on Aug 25, 2023 17:22

The initial public offer (IPO) of Vishnu Prakash R Punglia received bids for 23,30,33,100 shares as against 2,19,30,000 shares on offer, according to stock exchange data at 17:00 IST on Friday (25 August 2023). The issue was subscribed 10.63 times.

The issue opened for bidding on Thursday (24 August 2023) and it will close on Moday (28 August 2023). The price band of the IPO is fixed at Rs 94-99 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.

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.