Rajasthan-based Vishnu Prakash R Punglia raised Rs 91.77 crore via anchor book ahead of IPO launch

23 Aug 2023 , 10:29 PM

On August 23, the Rajasthan-based infrastructure company Vishnu Prakash R Punglia secured an impressive sum of Rs 91.77 crore through an anchor book, setting the stage for its upcoming Initial Public Offering (IPO).

A total of 13 participants, encompassing foreign investors and domestic institutions, took part in the anchor book round. Notable names among the participants include Quant Mutual Fund, Max Life Insurance Company, Kotak Mahindra Life Insurance Company, Societe Generale, Minerva Emerging Opportunities Fund, Copthall Mauritius Investment, and BNP Paribas Arbitrage.

The company, specializing in construction projects related to water supply, announced the allocation of 92.7 lakh equity shares to anchor investors at a rate of Rs 99 per share. Among these shares, a significant allocation of 25.05 lakh shares was granted to a domestic mutual fund through a combination of five schemes.

Vishnu Prakash R Punglia is poised to launch its Initial Public Offering on August 24, with the IPO offering price set within the range of Rs 94 to Rs 99 per share. The public offering, amounting to Rs 308.88 crore, exclusively comprises a fresh issuance of 3.12 crore equity shares. The subscription window will close on June 28.

Investors looking to participate can place bids for a minimum of 150 equity shares, with increments thereafter in multiples of 150 equity shares. The IPO also includes a reserved portion for subscription by eligible employees of the company.

The funds raised from the IPO, after deducting the associated expenses, will primarily be utilized for acquiring equipment worth Rs 62.18 crore and addressing working capital requirements amounting to Rs 150 crore, in addition to serving general corporate purposes.

Choice Capital Advisors Private Limited and Pantomath Capital Advisors Private Limited are the appointed book running lead managers for the IPO, while Link Intime India Private Limited will act as the registrar for the offering.