Initial Public Offering of Jodhpur-based Vishnu Prakash R Punglia Limited, an integrated Engineering, Procurement and Construction (“EPC”) company, which specializes in water supply projects (WSP) was subscribed 3.77 times on the first day of bidding.
The issue received bids of 8,27,14,500 shares against the offered 2,19,30,000 equity shares, at a price band of ₹94-99, according to the data available on the stock exchanges.
Non-Institutional Investors Portion was the most subscribed with 6.26 times, followed by Retail with 4.88 times. Employee Section was subscribed 1.91 times, whereas Qualified Institutional Buyer Portion was subscribed 0.05 times. The issue kicked off for subscription on Thursday, August 24, 2023 and will close on Monday, August 28, 2023.
A day prior to the opening of the issue, Vishnu Prakash R Punglia Ltd had raised Rs 91.77 crore from anchor investors. Foreign Investors and Domestic Institutions who participated in the anchor were Quant Mutual Fund, Kotak Mahindra Life Insurance Company Ltd, Max Life Insurance Company Limited, BNP Paribas, Copthall Mauritius Investment Limited, Milky Investment and Trading Company, Societe Generale and Minerva Emerging Opportunities Fund Limited.
Broking houses like Anand Rathi, Nirmal Bang, Geojit Financial Services, Reliance Securities, BP Wealth, Stoxbox, Arihant Capital, Sushil Finance, Swastika Investmart have given a “SUBSCRIBE” rating to the issue.
Based on brokerage recommendations, analysts highlight “the company's strong foothold in integrated engineering, procurement, and construction (EPC) projects, particularly in the critical water supply segment, stands out. Backed by an impressive track record of successful project execution and consistent growth, the company boasts a robust order book of Rs 3,799.53 crore, ensuring revenue visibility and growth prospects. With its alignment to government initiatives for infrastructure development and attractively priced valuations, the IPO is seen as a compelling opportunity for investors, poised for medium to long-term profitability in the evolving infrastructure landscape.”
Choice Capital Advisors Private Limited and Pantomath Capital Advisors Private Limited are the book-running lead managers. Company’s equity shares are proposed to be listed on the BSE and NSE.