Vishnu Prakash R Punglia mobilises Rs 92 crore from anchor investors ahead of IPO

The company has fixed a price band of Rs 94-99 per share for its maiden public issue, which will be open for subscription on August 24-28. The IPO comprises a fresh issue of 3.12 crore equity shares with no Offer for Sale (OFS) 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.

The Jodhpur-based company has experience in the 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.

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