Vishnu Prakash R Punglia is into Infrastructure-Integrated Engineering, Procurement and Construction and is looking raise funds through Fresh Issue
Vishnu Prakash R Punglia IPO is a public offering of shares by Vishnu Prakash Punglia, Manohar Lal Punglia, Sanjay Kumar Punglia, Kamal Kishor Pungalia and Ajay Pungalia. The IPO will open on August 24 and will close on August 28. The price band is ₹94 to ₹99 per share and the lot size is 150 shares. The issue size is ₹308.88 crore. The shares are expected to be listed on NSE, BSE on September 04 (^).
(**) - based on higher price band (^) indicative date
Quick Pointers
- Promoters of the company are Vishnu Prakash Punglia, Manohar Lal Punglia, Sanjay Kumar Punglia, Kamal Kishor Pungalia and Ajay Pungalia Currently promoters hold 90.45% stake in the company.
- Company aims to raise between Rs 293 to 309 crs through this IPO.
- The net proceeds of the issue will be utilized to 1) To purchase Capital Equipment amounting to Rs. 58.64 crores and 2) Funding the working capital requirements amounting to Rs.140 crores
- Anchor bidding is expected to commence one day prior to the IPO dates. Tentative anchor bidding date would be 23-Aug-23.
- Price band for the IPO has been fixed at Rs 94 to 99 per share and bid lot are in multiple of 150 The implied market cap post-issue at Rs 1,172 to 1,234 crs.
- As per the tentative schedule, allotment date of this IPO is most likely on August 31 and share are expected to be listed on NSE, BSE on September 04.
- Company has direct competition in the Infrastructure space with listed players including PNC Infratech Ltd, H.G. Infra Engineering Ltd, NCC Limited, Rail Vikas Nigam Ltd, ITD Cementation India Ltd.
- Choice Capital Advisors, Pantomath Capital Advisors has been appointed as Merchant Banker to the issue. Link Intime India Pvt. Ltd. has been appointed as official registrar of the issue.
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About Company
Vishnu Prakash R Punglia established in 1986 as partnership firm and in 2013 converted to Pvt. Ltd. Company is into integrated engineering, procurement and construction (“EPC”) with experience in design and construction of various infrastructure projects for the Central and State Government, autonomous bodies, and private bodies across 9 States and 1 Union territory in India. Business operations are broadly divided into four categories: (i) Water Supply Projects (WSP); (ii) Railway Projects; (iii) Road Projects and (iv) Irrigation Network Projects.
About Industry
The Infrastructure sector acts as a catalyst for India’s economic growth as it drives the growth of the allied sectors like townships, housing, built-up infrastructure and construction development projects. In order to become a US$ 5 trillion economy by 2025, infrastructure development is the need of the hour. Government schemes such as National Infrastructure Pipeline (NIP), Jal Jeevan Mission (JJM) and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) 2.0 would need massive infrastructure development.
Promoters of the company are Vishnu Prakash Punglia, Manohar Lal Punglia, Sanjay Kumar Punglia, Kamal Kishor Pungalia and Ajay Pungalia Currently promoters hold 90.45% stake in the company.
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