Vishnu Prakash R Punglia shares to list tomorrow. What does GMP signal ahead of D-Street debut?
Vishnu Prakash R Punglia will debut on the exchanges on Tuesday. Ahead of the listing, the stock is trading at a premium of Rs 54 in the unlisted market, indicating listing gains of about 54% over the issue price.
However, it is important to note that grey market premiums are just an indicator of how the company's shares are stacked up in the unlisted market and are subject to change rapidly.
The IPO was priced at Rs 99 at the upper end.
The company is valued at a P/E of 13x with a market cap of Rs 1,234 crore post-issue of equity shares and a return on net worth of 38.3%, according to analysts.
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 had 51 ongoing projects with a total work awarded amounting to Rs 6,183 crore, of which Rs 2,384 crore worth of work has been executed and the remaining amounting to Rs 3,799 crore constitutes the order book.
The equipment fleet comprised about 499 construction equipment and vehicles, as of March 2023.
