Vishnu Prakash R Punglia IPO: Issue to open on August 24; price band fixed at ₹94-99 per share

Vishnu Prakash IPO: Vishnu Prakash R Punglia Ltd., an integrated Engineering, Procurement and Construction (EPC) company, is set to launch its initial public offering (IPO) on Thursday, August 24. The company has also announced the IPO price band and other details. 

Vishnu Prakash IPO price band has been fixed at ₹94 to ₹99 per share. The IPO subscription, which commences on August 24, will close on Monday, August 29.

At the upper end of the price band, the company plans to raise ₹308.88 crore from the public issue.

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Vishnu Prakash R Punglia IPO lot size is 150 equity shares and the minimum investment amount required by retail investors is ₹14,850. Investors can bid for a minimum of 150 equity shares and in multiples of 150 equity shares thereafter.

The ₹308.88 crore worth Vishnu Prakash IPO is entirely a fresh issue of up to 3.12 crore equity shares of face value of ₹10 each.

The offer also includes a reservation for a subscription by eligible employees. The company is offering an employee discount of ₹9 per share.

Vishnu Prakash IPO allottment is likely to be fixed on August 31 and the initiation of refunds may take place on September 1, while the shares are expected to be credited to eligible investors’ demat account on September 4.

Vishnu Prakash shares are proposed to be listed on BSE and NSE on September 5.

Choice Capital Advisors Pvt Ltd and Pantomath Capital Advisors Pvt Ltd are the book running lead managers and Link Intime India Pvt Ltd is the Registrar to the Vishnu Prakash IPO.

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Led by Promoter Vishnu Prakash Punglia, the EPC company has a strong operational understanding with a consistent track record in carrying out infrastructure projects for over three decades.

Vishnu Prakash R Punglia Ltd owns a fleet of about 484 construction equipment assets which includes crushers, excavators, loaders, dozers, paver machines, ready mix concrete plants, concrete mixtures, cranes, tractors and transportation vehicles from some of the leading suppliers, the company said in a release.

The company’s revenue from operations increased from ₹485.73 crore in FY2021 to ₹785.61 crore in FY2022 and further to ₹1,168.40 crore in FY2023, showcasing a CAGR of 55.1%. Its net profit stood at ₹90.6 crore, whereas EBITDA margin stood at 13.7%.

As on July 15, 2023, the company had an Order Book of ₹3,799.53 crore, it added.