On the final day of bidding on Monday, the Initial Public Offering (IPO) of Vishnu Prakash R Punglia Ltd. was subscribed 87.81 times, helped by strong engagement from institutional buyers.
The company is into Engineering, Procurement, and Construction (EPC) works.
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The Rs 308.88 crore-public issue received bids for 1,92,56,17,350 shares against 2,19,30,000 shares on offer, according to NSE data.
While the non-institutional investor quota only obtained 111.02 times as much subscription, the category for Qualified Institutional Buyers (QIBs) received 171.69 times as much.
The portion for Retail Individual Investors (RIIs) was subscribed 32 times.
The IPO had a fresh issue aggregating up to 3.12 crore equity shares with no Offer For Sale (OFS) component. The price range was Rs 94-99 per share.
Vishnu Prakash R Punglia had raised Rs 92 crore from anchor investors.
Proceeds from the fresh issuance will be utilised for purchasing capital equipment, funding the working capital requirements of the company, and the balance for general corporate purposes.
With active projects in nine states, the Jodhpur-based company has experience in the planning and implementation of significant infrastructure projects for the federal and state governments.
Choice Capital Advisors and Pantomath Capital Advisors were the managers to the offer.
The equity shares are proposed to be listed on the BSE and the NSE.
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