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Vishnu Prakash R Punglia IPO: Last day to subscribe

28 Aug 2023 , 12:28 PM

The initial public offering (IPO) of Vishnu Prakash R Punglia Ltd, which commenced on Thursday, has garnered significant interest from both High Net Worth Individuals (HNIs) and retail investors. Today marks the final day to subscribe to this offering. Click here to subscribe the IPO.

As of Day 2, the IPO witnessed an impressive subscription rate of 10.63 times. The company aims to secure around Rs 309 crore through this IPO, with a price range set at Rs 94-99 per share. Interested investors can place bids for a minimum of 150 equity shares.

Contrary to the 2.19 crore shares available for allocation, the IPO has received bids for a substantial 52.58 crore shares on day 3 by 12.25 PM. The issuance is following the book-building process, allowing no more than 50% of the shares to be allocated to qualified institutional buyers (QIBs), at least 15% for non-institutional investors, and a minimum of 35% for retail individual investors.

Among the subscription statistics, the retail investors’ portion has been oversubscribed by 22.09 times, while the segment reserved for non-institutional investors (HNIs) has experienced an oversubscription of 53.20 times. Employees of the company have displayed interest 9.27 times over their allocated portion, whereas QIBs have shown a modest subscription rate of just 6.31 times.

The proceeds generated from the IPO will be allocated towards acquiring capital equipment, supporting the company’s working capital needs, and utilizing the remaining funds for general corporate purposes. 

Led by founder Vishnu Prakash Punglia, the EPC (Engineering, Procurement, and Construction) firm has been involved in infrastructure projects for more than three decades. The company possesses a fleet of approximately 484 construction equipment assets, including crushers, excavators, loaders, dozers, paver machines, ready mix concrete plants, concrete mixtures, cranes, tractors, and transportation vehicles sourced from reputable suppliers.

Vishnu Prakash R Punglia IPO

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