Exciting developments are unfolding in the world of IPOs as Vishnu Prakash R Punglia Limited's initial public offering (IPO) gains substantial traction on its second day. The IPO bidding process for Vishnu Prakash IPO kicked off on August 24 and is set to conclude on August 28.
Strong Subscription Figures
The enthusiasm of investors has been evident with Vishnu Prakash IPO garnering an impressive subscription rate of 10.63 times on the second day, which was August 25. The public issue witnessed bids for a staggering 23,30,69,850 equity shares, in contrast to the 2,19,30,000 crore shares on offer.
In specific categories, the retail segment exhibited robust interest, being oversubscribed by a significant factor of 12.88 times. Meanwhile, Non-Institutional Investors (NII) showed substantial participation, subscribing at a rate of 19.39 times. The subscription rate for Qualified Institutional Buyers (QIB) stood at 0.35%.
Grey Market Premium Today
Market enthusiasts have been closely following the grey market premium (GMP) for Vishnu Prakash IPO. As of now, the grey market premium stands at ₹55 per share, as reported by IPOWatch. This reflects a trading premium of ₹55 per share in the grey market, a decrease from the ₹65 observed on August 24.
Key IPO Details
Vishnu Prakash R Punglia Ltd aims to raise ₹308.88 crore through its initial offer. The IPO window will remain open until August 28, presenting interested investors the opportunity to participate. The IPO price band has been set between ₹94 and ₹99 per equity share.
For those looking to invest, the minimum lot size is 150 shares, and applicants can apply for at least one lot. Retail investors need to allocate a minimum amount of ₹14,850 to take part in the IPO.
It is anticipated that the IPO will be listed on both the BSE and NSE platforms. The listing date is expected to be September 5, 2023. Link Intime India Private Ltd has been designated as the official registrar for the IPO, while Choice Capital Advisors Pvt Ltd and Pantomath Capital Advisors Pvt Ltd are the appointed book running lead managers.
Company Profile and Outlook
Vishnu Prakash R Punglia Ltd operates as an integrated engineering, procurement, and construction (EPC) enterprise. The company's operations extend to Central and State Governments, autonomous bodies, and private entities across nine Indian States and one Union Territory.
The company's core operational domains include Water Supply Projects (WSP), Railway Projects, Road Projects, and Irrigation Network Projects. Market experts and brokerages have shown optimism towards the IPO, considering the company's robust order book, fair valuations, and a bullish outlook on the infrastructure sector.
Reliance Securities has cited Vishnu Prakash IPO's attractive valuations on FY23 financials, with a recommendation of "Subscribe" based on strong financials, diverse business verticals, and growth opportunities in alignment with government initiatives in the infrastructure domain.
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