Vishnu Prakash R Punglia Fixes Price Band For Rs 308 Cr IPO Opening On Thursday

Jodhpur-based Vishnu Prakash R Punglia Limited, an integrated Engineering, Procurement, and Construction ("EPC") company that specialises in water supply projects (WSP), has set the price band for its initial public offering at Rs 94 to Rs 99 per equity share. At the lower and upper end of the price band, the company would raise Rs 293.28 crore - Rs 308.88 crore through its IPO. The public Issue of up to 31.2 million shares with a face value of Rs 10 each equity share is totally a fresh issue which also includes a subscription reservation for eligible employees.

The company's initial public offering (IPO) will open for subscription on Thursday, August 24, 2023, and will close on Monday, August 28, 2023. Investors may bid for a minimum of 150 equity shares and thereafter in multiples of 150 equity shares.

The company's revenue from operations rose from Rs 485.73 crore in the fiscal year ended March 31, 2021 to Rs 785.61 crore in the fiscal year ended March 31, 2022 and further to Rs 1168.40 crore in the fiscal year ended March 31, 2023, demonstrating a CAGR of 55.1%. Profit after tax was Rs 90.6 crore, with an EBITDA margin of 13.7%.

It has an order book of Rs 3,799.53 crore as on July 15, 2023. The book-running lead managers are Choice Capital Advisors Private Limited and Pantomath Capital Advisors Private Limited, and the Registrar is Link Intime India Private Limited. The equity shares of the company are proposed for listing on the BSE and the NSE on Tuesday, 5 September 2023.

The EPC, led by Promoter Vishnu Prakash Punglia, has solid operational expertise and a track record of completing infrastructure projects for over three decades. It has a fleet of around 484 construction equipment assets from prominent suppliers, including crushers, excavators, loaders, dozers, paver machines, ready-mix concrete plants, mixtures for concrete, cranes, tractors and transportation vehicles.

The business activities of Vishnu Prakash R Punglia include constructing, designing, building, implementing, operating, maintaining, and developing Water Supply Projects (WSPs) including Water Treatment Plants (WTPs) along with pumping stations and laying of pipelines for water supply, as well as other projects such as roads, bridges, tunnels, warehouses, buildings, railway buildings including platforms, stations, quarters, administrative buildings, Rail-Over-Bridges, and Waste Water Treatment Plants. It also provides operations and maintenance services.

As of August 21st, 2023 11:58 AM, the latest GMP for Vishnu Prakash R Punglia IPO is Rs 40. The expected listing price for the Vishnu Prakash R Punglia IPO is Rs 139 (cap price + today's GMP) based on the upper end of the price band of Rs 99.00. As a result, grey market experts predict that Vishnu Prakash R Punglia will be listed for an attractive premium of 40.40% based on the current GMP.