Vishnu Prakash R Punglia's IPO is getting good response, subscribed 10.63 times on second day

The initial public offer (IPO) of engineering, procurement, and construction (EPC) firm Vishnu Prakash R Punglia Ltd was subscribed 10.63 times on the second day of the offer on Friday. The Rs 308.88-crore public issue received bids for 23,30,33,100 shares against 2,19,30,000 shares on offer, according to NSE data.

Let us tell you that non-institutional investors have shown more interest in the company's IPO. The non-institutional investors category was subscribed 19.39 times, while the retail individual investors (RIIs) quota was subscribed 12.88 times. The Qualified Institutional Buyers (QIB) portion received a 35 percent subscription.

The IPO is a fresh issue of 3.12 crore equity shares, which does not have an offer for sale (OFS) component. The company's IPO has a price band of Rs 94 to Rs 99 per share. Vishnu Prakash R Punglia on Wednesday said it has raised Rs 92 crore from anchor investors.

The Company will use the funds raised through the IPO to purchase capital equipment, finance the working capital requirements of the Company, and for other general corporate purposes.

The Jodhpur-based company has experience in designing and building major infrastructure projects for central and state governments, with ongoing projects in nine states. Ra Choice Capital Advisors and Pantomath Capital are the managers of the company's IPO. The equity shares of the company are proposed to be listed on BSE and NSE.