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The public issue of Vishnu Prakash R Punglia Ltd opens for subscription today and will close on August 28. The company plans to raise about ₹309 crore from the IPO and has fixed the price band at ₹94-99. Investors can bid for a minimum of 150 equity shares.
The entire IPO is a fresh issue, 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 to non-institutional investors, and not less than 35 per cent will be available for allocation to retail individual investors.
Anchor investors
The engineering, procurement, and construction (EPC) player raised ₹92 crore from anchor investors on Wednesday.
The firm will allocate 92.7 lakh shares at ₹99 a share to anchor investors, including 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.
Issue proceeds
The proceeds of the issue will be utilised to purchase capital equipment, fund working capital requirements, and for general corporate purposes.
About the firm
Led by pomoter Vishnu Prakash Punglia, the EPC has a strong operational understanding with a consistent track record of carrying out infrastructure projects for over three decades. It 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.
Its major activities 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 supply of water, 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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