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IPO screener: Vishnu Prakash R Punglia public issue subscribed nearly 4 times on Day 1

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The public issue of Vishnu Prakash R Punglia Ltd that opened on Thursday, has received a strong response from HNIs and retail investors. The issue, which will close on August 28, was subscribed 3.8 times on Day 1. The company plans to raise about ₹309 crore from the IPO and has fixed the price band at ₹94-99. Investors can bid for a minimum of 150 equity shares

As against 2.19 crore shares on offer, the IPO received bids for 8.27 crore shares.

The issue is being made through the book-building process, wherein not more than 50 per cent of the issue will be available for allocation to qualified institutional buyers, not less than 15 per cent to non-institutional investors, and not less than 35 per cent to retail individual investors.

While the retail investors’ portion was subscribed 4.88 times, the quota reserved for non-institutions (HNIs) was subscribed 6.26 times. The employees’ portion too saw a response of 1.91 times, while the QIB portion was bid just 0.05 times.

The engineering, procurement, and construction (EPC) firm raised ₹92 crore from anchor investors on Wednesday. The entire IPO is a fresh issue. The firm will allocate 92.7 lakh shares to anchor investors at ₹99 a share. Quant MF, Kotak Mahindra Life Insurance Company Ltd, Max Life Insurance Company Ltd, BNP Paribas, Copthall Mauritius Investment Ltd, Milky Investment and Trading Company, Societe Generale and Minerva Emerging Opportunities Fund Ltd are among the anchor investors.

Also read: Vishnu Prakash R Punglia (VPRPL) IPO: Key things to know and should you invest? 

The entire IPO is a fresh issue. Proceeds will be utilised for purchasing capital equipment, funding working capital requirements, and for general corporate purposes.

Led by promoter Vishnu Prakash Punglia, the EPC has a strong operational understanding, with over three decades of experience in carrying out infrastructure projects. It owns 484 construction equipment assets, including crushers, excavators, loaders, dozers, paver machines, ready mix concrete plants, concrete mixtures, cranes, tractors and transportation vehicles from some of the leading suppliers.

Its major activities include construction, desig, building, implementation, operating, maintaining and developing Water Supply Projects (WSPs), including Water Treatment Plants (WTPs), along with pumping stations and laying of pipelines for supply of water, as well as roads, bridges, tunnels, warehouses, buildings, railway buildings, including platforms, stations, quarters, administrative buildings, Rail-Over-Bridges and Waste Water Treatment Plants (WWTPs). It also undertakes operations and maintenance services.





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