Vishnu Prakash R Punglia IPO: ₹91.77 crore raised from anchor investors
Ahead of the public issue, an engineering, procurement and construction (EPC) company Vishnu Prakash R Punglia Ltd has raised ₹91.77 crore from anchor investors on Wednesday.
Its initial public offering (IPO) will open for public subscription on Thursday, August 24, 2023. The issue will close on Monday, August 28, 2023.
The Jodhpur-based company allocated 92.70 lakh shares at ₹99 per share to anchor investors, Vishnu Prakash R Punglia said in an exchange filing.
Out of the total allocation of 92.70 lakh equity shares to the anchor investors 25.05 lakh equity shares were allocated to one domestic mutual fund through five schemes amounting to ₹24.80 crore i.e. 27.03% of the total anchor book size, said the company.
Investors who participated in the anchor allocation were Quant Mutual Fund, Kotak Mahindra Life Insurance Company Ltd, Max Life Insurance Company Ltd, BNP Paribas, Copthall Mauritius Investment Ltd, Milky Investment and Trading Company, Societe Generale and Minerva Emerging Opportunities Fund Ltd.
Vishnu Prakash R Punglia said the public issue with a face value of ₹10 per equity share is entirely a fresh issue of shares of up 3.12 crore equity shares.
The company has fixed the price band for the IPO at ₹94–99 per equity share.
Through the IPO, Vishnu Prakash R Punglia aims to fetch ₹308.88 crore at the upper end of the price band.
Proceeds from the issue will be utilised for purchasing capital equipment, funding the working capital requirements and the balance for general corporate purposes.
Investors can bid for a minimum of 150 equity shares and in multiples of 150 equity shares thereafter.
The offer also includes a reservation for a subscription by eligible employees of the company.
Choice Capital Advisors Private Limited and Pantomath Capital Advisors Private Limited are the book running lead managers and Link Intime India Private Limited is the registrar for the issue.
Download The Mint News App to get Daily Market Updates.
Updated: 23 Aug 2023, 08:57 PM IST
