Vishnu Prakash R Punglia Ltd, an Engineering, Procurement, and Construction (EPC) company, has successfully secured Rs 92 crore from anchor investors in preparation for its upcoming initial public offering (IPO). The company plans to allocate 92.7 lakh equity shares to anchor investors at a price of Rs 99 per share, which is at the upper end of the offered price range. Notable anchor investors include Quant Mutual Fund, Kotak Mahindra Life Insurance Company Ltd, Max Life Insurance Company Ltd, BNP Paribas, and others.
For its maiden public issue, Vishnu Prakash R Punglia Ltd has set a price band of Rs 94-99 per share. The IPO is scheduled to be open for subscription from August 24 to 28. The offering includes a fresh issue of 3.12 crore equity shares without any Offer for Sale (OFS) component. Additionally, provisions have been made for eligible employees to subscribe.
The funds raised through this issuance will serve multiple purposes. They will be utilized for the procurement of capital equipment, meeting the company’s working capital requirements, and covering general corporate needs. Depending on the price band, the IPO is expected to raise between Rs 293.28 crore and Rs 308.88 crore.
Vishnu Prakash R Punglia Ltd, headquartered in Jodhpur, possesses a robust track record in designing and executing significant infrastructure projects for both central and state governments. The company currently has ongoing projects in nine different states across India. In the financial year ending on March 31, 2023, the company’s revenue from operations recorded substantial growth, amounting to Rs 1,168.40 crore, compared to Rs 785.61 crore in the preceding year.
The IPO’s book-running lead managers are Choice Capital Advisors Private Limited and Pantomath Capital Advisors Private Limited. The company’s equity shares are intended to be listed on both the BSE and NSE stock exchanges. This strategic move to go public is expected to facilitate further growth and development opportunities for Vishnu Prakash R Punglia Ltd in the dynamic infrastructure sector.
