Vishnu Prakash R Punglia IPO Day 2: Issue subscribed 6.30 times so far

25 Aug 2023 , 12:51 PM

Investor enthusiasm is evident for Vishnu Prakash R Punglia’s potential, as a wide range of investors have displayed interest in the offering on August 25, the second day of bidding. To participate in the IPO, click here.

The subscription data available on exchanges reveals that investors have acquired 13.80 crore equity shares, surpassing the offer size of 2.19 crore equity shares by 6.30 times by 12.50 PM.

Retail investors have bid 8.34 times the allocated quota, while high net worth individuals (HNIs) have purchased 10.23 times the portion designated for them. This represents 35% and 15% of the total offer size, respectively.

Employees have also submitted bids that are 3.73 times the portion reserved for them. Meanwhile, qualified institutional buyers (QIBs) have subscribed to 0.07 times the shares of their allocated segment, which constitutes 50% of the issue size.

The construction company based in Rajasthan has set aside 3 lakh shares for its employees, who will be able to acquire these shares at a discount of Rs 9 per share from the final offer price.

Vishnu Prakash R Punglia intends to raise Rs 308.88 crore through an initial public offering (IPO) involving 3.12 crore equity shares. The entirety of the offering is in the form of fresh issue by the company.

Out of the total net proceeds from the fresh issue, Rs 62.18 crore will be earmarked for equipment and machinery acquisition, while Rs 150 crore will be allocated for fulfilling working capital requirements. The remaining funds will be designated for general corporate purposes.