Bumper Debut! Vishnu Prakash shares list at 67% premium over IPO price

Mishra advised investors who participated in the IPO to either book profits immediately or hold on to their shares for the long term.

Parth Shah, Research Analyst at StoxBox expected the issue to deliver handsome gains on the listing day as the IPO received an overwhelming response by investors and getting oversubscribed by about 88 times.

The IPO of Vishnu Prakash saw a robust response, driven by healthy demand across categories. The issue was subscribed a stellar 87.82 times at close.

The category for qualified institutional bidders was booked a whopping 171.69 times, while the non-institutional investors' portion was subscribed an astounding 111.03 times. Retail investors were nowhere behind in bidding as their quota was subscribed 32.01 times.

The IPO, which consisted of entirely a fresh issue offering of up to 3.12 crore equity shares, ran from August 24 to August 26.

Choice Capital Advisors Private Limited and Pantomath Capital Advisors Private Limited were the book-running lead managers to the issue while Link Intime India was the registrar.

Vishnu Prakash R Punglia had recorded a net profit of Rs 44.85 crore in the year ended on March 31, 2023 as against a net profit of Rs 18.98 crore in the year-ago period. The company's revenue from operating improved to Rs 785.61 crore from Rs 485.73 crore during the period under review. As on July 15, 2023, it's order book stood at Rs 3,799.53 crore.

Established in 1986, the Jodhpur-based firm is engaged in the business of designing and constructing infrastructure projects for the central and state governments, autonomous bodies, and private bodies across nine states and one union territory in India.