Rajasthan-based infrastructure company, Vishnu Prakash R Punglia, amassed approximately INR 91.77 crore from anchor investors on August 23, a day before its IPO launch. Notable participants include foreign investors and domestic institutions such as Quant Mutual Fund, Max Life Insurance Company, Kotak Mahindra Life Insurance Company, Societe Generale, Minerva Emerging Opportunities Fund, Copthal Mauritius Investment, and BNP Paribas Arbitrage.
Anchor Investment Triumph
The company allotted 92.7 lakh equity shares to anchor investors at INR 99 per share, as stated in a communication to stock exchanges. Among the allotment, 25.05 lakh shares were designated to domestic mutual funds via five schemes.
Institutional Participation
Vishnu Prakash R Punglia’s IPO is set to commence bidding on August 24, with a price band of INR 94-99 per share. The company aims to raise around INR 308.88 crore through its IPO at a maximum price of INR 99, with fresh shares accounting for INR 3.12 crore.
Capital Allocation Strategy
The IPO funds will be allocated with INR 62.18 crore for capital expenditure toward equipment and machinery procurement, around INR 150 crore for working capital requirements, and the remaining for general corporate purposes. The IPO is scheduled to conclude on August 28.
About the company: Vishnu Prakash R Punglia boasts expertise in designing and constructing diverse infrastructure projects spanning water supply, railways, roads, and irrigation networks. With an in-house team and a fleet of 499 construction equipment and vehicles, the company specializes in water supply ventures, having successfully executed over 75 projects to date, with an additional 38 projects in progress.
