Vishnu Prakash R Punglia IPO subscribed 7 times so far on Day 2. Check GMP and other details

economictimes.indiatimes.com:

IPO closes on Monday.

The category reserved for retail investors was subscribed 9 times, while that of non-institutional investors was subscribed 11.15 times. The qualified institutional buyers’ (QIBs’) part was the least subscribed at just 24%.

According to market sources, the company's shares are trading at 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, 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, the company has 51 on-going projects with total work awarded amounting to Rs 6,183 crore, of which Rs 2,384 crore worth work has been executed and the remaining work amounting to Rs 3,799 crore constitutes the order book.

Its fleet comprised about 499 construction equipment and vehicles, as of March. 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 is the registrar to the offer.