Vishnu Prakash Makes Stock Market Debut With 65% Listing Gains: Should You Hold, Sell Or Buy?

Vishnu Prakash IPO: Vishnu Prakash R Punglia on Tuesday, September 5, made its stock market debut, with its shares opening at Rs 163.3 on the BSE, which is 64.94 per cent higher than the issue price of Rs 99 per share. The company is into engineering, procurement, and construction (EPC) works.

Anubhuti Mishra, equity research analyst at Swastika Investmart Ltd, said, “Vishnu Prakash R Punglia Limited’s (VPRPL) listing was in line with expectations, as it is a well-established company with a strong track record in the water supply sector. The company is also benefiting from various government initiatives, which are likely to boost its growth in the coming years. The IPO was well-received by investors, with the issue being subscribed to 87.82 times.”

Investors who participated in the IPO can either book profits immediately or hold on to their shares for the long term, Mishra said.

About Vishnu Prakash IPO

The initial public offering (IPO) of Vishnu Prakash R Punglia, which was open for subscription between August 24 and 28, received a strong response with a whopping 87.8 times subscription. The Rs 308.88-crore IPO received bids for 1,92,56,17,350 shares against 2,19,30,000 shares on offer, according to NSE data.

The category for Qualified Institutional Buyers (QIBs) received 171.69 times subscriptions while the quota for non-institutional investors got subscribed 111.02 times.

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.

The Jodhpur-based company has experience in the design and construction of major infrastructure projects for the central and state governments, with ongoing projects in nine states.

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.