homebusiness Newscompanies NewsIPO of Vishnu Prakash R Punglia oversubscribed 87.81 times on strong institutional demand
IPO of Vishnu Prakash R Punglia oversubscribed 87.81 times on strong institutional demand
The IPO, with a total value of Rs 308.88 crore, garnered an astonishing 1,92,56,17,350 bids for the available 2,19,30,000 shares, as reported by the National Stock Exchange (NSE).
The Initial Public Offering (IPO) of Vishnu Prakash R Punglia Ltd witnessed overwhelming demand, with a subscription rate of 87.81 times on the final day of bidding. This remarkable response was largely driven by robust participation from institutional buyers.
Vishnu Prakash R Punglia Ltd operates in the field of Engineering, Procurement, and Construction (EPC) projects, contributing to the development of vital infrastructure.
The IPO, with a total value of Rs 308.88 crore, garnered an astonishing 1,92,56,17,350 bids for the available 2,19,30,000 shares, as reported by the National Stock Exchange (NSE).
The category designated for Qualified Institutional Buyers (QIBs) witnessed an astounding 171.69 times subscription, underscoring strong institutional interest.
Non-institutional investors also displayed keen interest, with a subscription rate of 111.02 times. Retail Individual Investors (RIIs) participated actively, subscribing 32 times of their allocated portion.
This IPO featured a fresh issue of up to 3.12 crore equity shares, without any Offer For Sale (OFS) component, at a price range of Rs 94-99 per share. Vishnu Prakash R Punglia Ltd successfully secured Rs 92 crore from anchor investors before the IPO launch.
The proceeds from this fresh issuance will be directed toward capital equipment acquisition, funding the company's working capital requirements, and supporting general corporate purposes.
Headquartered in Jodhpur, the company boasts extensive experience in designing and constructing major infrastructure projects for both central and state governments, with ongoing projects spanning nine states.
Choice Capital Advisors and Pantomath Capital Advisors served as the managers of the IPO.
The equity shares offered through this IPO are expected to be listed on both the BSE and the NSE, further enhancing the company's market presence and growth prospects.
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