Vishnu Prakash R Punglia IPO subscribed 33 times so far on last day. Check GMP & other details
Vishnu Prakash R Punglia continued to see a robust response from investors across categories on the third and final day of the book-building process on Monday. The issue was subscribed 33.46 times so far.
The non-institutional portion was subscribed the most at 72.4 times, followed by retail investors at Rs 24.69 times and qualified institutional buyers at 20.67 times.
According to market sources, the company's shares are commanding a premium of Rs 54 in the unlisted market.
Analysts recommended investors to subscribe to the issue as the company has a healthy order book and industry tailwinds are expected to benefit in profitability in the coming years.
Vishnu Prakash R Punglia is a construction company that is primarily engaged in infrastructure projects for the central and state governments.
The company is focused on water supply projects and is benefiting from various government initiatives.
As on July 15, 2023, the company has 51 ongoing projects with total work awarded amounting to Rs 6,183 crore, of which Rs 2,384 crore worth of work has been executed and the remaining work amounting to Rs 3,799 crore constitutes the order book.
The equipment fleet comprised about 499 construction equipment and vehicles, as of March 2023. Further, the aggregate gross block value of the company’s property, plant and equipment was Rs 136 crore.
The company has fixed a price band of Rs 94-99 per share and investors can bid for a minimum of 150 shares in one lot and in multiples thereafter.
About 50% of the offer is set aside for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors.
Choice Capital Advisors and Pantomath Capital Advisors are the book-running lead managers and Link Intime India
