Vishnu Prakash IPO subscribed 87.81 times on last day of bidding

The Initial Public Offering (IPO) of Vishnu Prakash R Punglia Ltd was subscribed 87.81 times on the last day of bidding on Monday, helped by strong engagement from institutional buyers.

The company is into Engineering, Procurement, and Construction (EPC) works.

The Rs 308.88 crore-public issue received bids for 1,92,56,17,350 shares against 2,19,30,000 shares on offer, according to NSE data.

The category for Qualified Institutional Buyers (QIBs) received 171.69 times subscription while the quota for non-institutional investors got subscribed 111.02 times.

The portion for Retail Individual Investors (RIIs) was subscribed 32 times.

The IPO had a fresh issue aggregating up to 3.12 crore equity shares with no Offer For Sale (OFS) component. The price range was Rs 94-99 per share.

Vishnu Prakash R Punglia had raised Rs 92 crore from anchor investors.

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 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.

Choice Capital Advisors and Pantomath Capital Advisors were the managers to the offer.

The equity shares are proposed to be listed on the BSE and the NSE.