Vishnu Prakash R Punglia IPO To Open On Aug. 24; Price Band Set At Rs 94-99 Apiece

Engineering, procurement and construction firm Vishnu Prakash R Punglia Ltd. on Monday said it has fixed a price band of Rs 94-99 per share for its Rs 309-crore initial public offering.

The maiden public issue will open on Aug. 24 and conclude on Aug. 28, the company said.

The IPO comprises a fresh issue of 3.12 crore equity shares with no offer-for-sale component. The offer also includes a reservation for a subscription by eligible employees.

Proceeds from the fresh issuance will be utilised for purchasing capital equipment, funding the working capital requirements of the company and the balance for general corporate purposes.

The IPO will fetch Rs 293.28 crore and Rs 308.88 crore at the lower and upper end of the price band, respectively.

Investors can bid for a minimum of 150 equity shares and in multiples of 150 equity shares thereafter.

The Jodhpur-based company has experience in design and construction of major infrastructure projects for the central and state governments, with ongoing projects in nine states.

The company's revenue from operations increased to Rs 1,168.40 crore in the financial year ended March 31, 2023, from Rs 785.61 crore in the year-ago period.

As on July 15, 2023, it has an order book of around Rs 3,800 crore.

Choice Capital Advisors Private Ltd. and Pantomath Capital Advisors Pvt. are the book-running lead managers. The equity shares are proposed to be listed on BSE and NSE.