Vishnu Prakash IPO: The initial public offering (IPO) of Vishnu Prakash R Punglia Limited has received strong response from investors so far. The bidding process of Vishnu Prakash IPO opened on August 24 and will end of August 28.
Let us take a look at Vishnu Prakash IPO subscription status:
Vishnu Prakash IPO Subscription Status
Vishnu Prakash R Punglia IPO has been subscribed 7.52 times so far on August 25, Friday, the second day of the bidding process. The public issue received bids for 16.49 crore equity shares as compared to 3.12 crore shares on the offer, till 2:40 PM.
Vishnu Prakash IPO has been subscribed 9.86 times in the retail category and 11.97 times in the Non-Institutional Investors’ (NII) category. The quota reserved for Qualified Institutional Buyer’ (QIB) received 0.24% subscription.
Vishnu Prakash IPO GMP Today
Vishnu Prakash IPO GMP today, or grey market premium today, is ₹55 per share, according to IPOWatch. Market observers said Vishnu Prakash IPO shares are trading at a premium of ₹55 apiece in the grey market today.
The grey market premium for Vishnu Prakash IPO today has declined from ₹65 on August 24.
Read here: Vishnu Prakash IPO: GMP, subscription status, review, other details. Apply or not?
Vishnu Prakash IPO Details
Vishnu Prakash R Punglia Ltd plans to raise ₹308.88 crore from its initial offer. The IPO will remain open till August 28. Vishnu Prakash IPO price band Is ₹94 to ₹99 per equity share.
The IPO lot size is 150 shares and a bidder can apply for a minimum of one lot. The minimum investors amount required for retail investors is ₹14,850.
The public issue is proposed for listing on BSE and NSE and most likely Vishnu Prakash IPO listing date is September 5, 2023.
Link Intime India Private Ltd has been appointed as official registrar of the IPO, while Choice Capital Advisors Pvt Ltd and Pantomath Capital Advisors Pvt Ltd are the book running lead managers.
Also Read: Aeroflex Industries IPO: What GMP, subscription status signal before allotment date
Vishnu Prakash IPO Review
Vishnu Prakash R Punglia Ltd. is an integrated engineering, procurement, and construction (EPC) enterprise. The company serves Central and State Governments, autonomous bodies, and private entities across nine States and one Union Territory in India.
The company’s operational focus revolves around four key domains: Water Supply Projects (WSP), Railway Projects, Road Projects, and Irrigation Network Projects.
Most brokerages have ascribed “Subscribe” rating to Vishnu Prakash IPO on the back of fair valuations, strong order book and bullish outlook on the overall infrastructure sector.
“On FY23 financials, the IPO is valued at 10.2x P/E, 9x EV/EBITDA and 1.2x EV/Sales. Vishnu Prakash R Punglia has gradually increased their capabilities in terms of the size of projects executed,” Reliance Securities said.
The infrastructure sector which is a key driver for the Indian economy, is likely to provide several growth opportunities to the company. Moreover, with the Union budget 2023-23, the company stands to benefit from various government initiatives in infrastructure, waste waste management, road and highway Industry, it added.
“In view of diversified business verticals, strong financials, multiple growth opportunities and a healthy order book, we recommend a Subscribe to the issue,” said the brokerage firm.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 25 Aug 2023, 02:44 PM IST