Vishnu Prakash R Punglia IPO to open on Thursday. What GMP signals ahead of subscription?
IPO) of Vishnu Prakash R Punglia will open for subscription on Thursday. The issue, which closes on August 28, is entirely fresh equity up to 3.12 crore shares.
Ahead of the IPO opening, the company's shares are trading at a premium of Rs 44 in the unlisted market.
Jodhpur-based Vishnu Prakash R Punglia is an integrated engineering, procurement and construction (EPC) company, which specialises in water supply projects.
It owns a fleet of about 484 construction equipment assets which includes crushers, excavators, loaders, dozers, paver machines, ready mix concrete plants, concrete mixtures, cranes, tractors and transportation vehicles from some of the leading suppliers.
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.
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.
As on March 31, 2023, their equipment fleet comprised about 499 construction equipment and vehicles.
