The public issue of Vishnu Prakash R Punglia Ltd that opened on Thursday, has received a good response from HNIs and retail of investors. Today is the last day to subscribe to the issue. The IPO was subscribed 10.63 times on Day 2. The company plans to raise about ₹309 crore from the IPO, the price band for which has been fixed at ₹94-99. Investors can bid for a minimum of 150 equity shares.

As against 2.19 crore shares on offer, the IPO has received bids for 23.3 crore shares.

The issue is being made through the book-building process, wherein not more than 50 per cent of the issue will be available for allocation to qualified institutional buyers, not less than 15 per cent will be available for allocation to non-institutional investors, and not less than 35 per cent for allocation to retail individual investors.

Also read: Vishnu Prakash R Punglia (VPRPL) IPO: Key things to know and should you invest? 

While the retail investors’ portion has been subscribed 12.88 times, the quota reserved for non-institutions (HNIs) has been subscribed 19.39 times. The employees’ portion will see a response of 5.68 times, while QIBs have bid for just 0.35 times.

The engineering, procurement, and construction (EPC) firm raised ₹92 crore from anchor investors on Wednesday ahead of its initial public offering (IPO), which opened on Thursday. The entire IPO is a fresh issue. The firm will allocate 92.7 lakh shares to anchor investors at ₹99 a share. Quant MF, Kotak Mahindra Life Insurance Company Ltd, Max Life Insurance Company Ltd, BNP Paribas, Copthall Mauritius Investment Ltd, Milky Investment and Trading Company, Societe Generale and Minerva Emerging Opportunities Fund Ltd are among the anchor investors.

Proceeds will be utilised for purchasing capital equipment, funding the working capital requirements of the company, and the balance for general corporate purposes.

Led by promoter Vishnu Prakash Punglia, the EPC has undertaken infrastructure projects for over three decades. It owns a fleet of about 484 construction equipment assets, which include crushers, excavators, loaders, dozers, paver machines, ready mix concrete plants, concrete mixtures, cranes, tractors and transportation vehicles from some of the leading suppliers.

Its major activities include construction design, building, implementation, operation, maintenance and development of Water Supply Projects (WSPs), including Water Treatment Plants (WTPs), along with pumping stations and pipelines for water supply, as well as other projects such as roads, bridges, tunnels, warehouses, buildings, and railway buildings, including platforms, stations, quarters, administrative buildings, Rail-Over-Bridges and Waste Water Treatment Plants (WWTPs). It also undertakes operations and maintenance services

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