Vishnu Prakash R Punglia closes with 47% gains on debut

Vishnu Prakash R Punglia debuts strong

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Infrastructure company Vishnu Prakash R Punglia delivered strong gains on the listing day, September 5, following robust subscription numbers to its IPO, healthy financial performance and positive equity market conditions.

The stock opened at Rs 165 on the NSE, which remained its day's high, up by 66.7 percent over the issue price of Rs 99. The stock saw some profit booking in the initial trade itself and hit a day's low of Rs 144.

For the major part of the session, it remained in the range of Rs 144-152, and finally closed at Rs 145.70, up 47.17 percent, while the last price on the BSE was Rs 145.93, up 47.40 percent.

The stock traded with a volume of 3.34 crore equity shares on the NSE and 24.42 lakh shares on the BSE.

Also read: Chavda Infra IPO opens on September 12, price band set at Rs 60-65 per share

"The company's 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," Anubhuti Mishra, equity research analyst at Swastika Investment said.

Rajasthan-based Vishnu Prakash R Punglia, which largely focuses on water supply projects, has raised Rs 308.88 crore via an initial public offering that was subscribed 87.82 times during August 24-28.

Also read: Oman India Joint Investment Fund-backed Stanley Lifestyles files IPO papers

The price band for the offer was Rs 94-99 per share.

This was the first debut in the current month and the 22nd in the current calendar year.