Vishnu Prakash R Punglia files draft papers with SEBI for IPO

Proceeds from the fresh issue worth Rs 58.64 crore will be used by Vishnu Prakash R Punglia for funding capital expenditure requirements for the acquisition of equipment and machineries

Vishnu Prakash R Punglia Ltd, a Jodhpur-based construction firm, has filed draft papers with Securities Exchange Board of India (SEBI) to raise funds via an initial public offering.

The IPO consists of a fresh issue of upto 31.20 million shares. Choice Capital Advisors and Pantomath Capital Advisors are the lead managers to the issue.

The proceeds from the fresh issue worth Rs 58.64 crore will be used for funding capital expenditure requirements for the acquisition of equipment and machineries. The firm also plans to use Rs 140 crore for working capital requirements.

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This company is an integrated engineering, procurement, and construction (EPC) firm that has extensive experience in designing and constructing infrastructure projects for various entities, including the Central and State Governments, autonomous bodies, and private organizations, across nine States and one Union Territory in India. The company's primary business operations are categorized into four main areas: Water Supply Projects (WSP), Railway Projects, Road Projects, and Irrigation Network Projects.

For FY22, its revenue from operations jumped to Rs 785.61 crore from Rs 485.73 crore a year ago. Net profit for the period stood at Rs 44.85 crore versus Rs 18.98 crore last year. EBITDA margin improved to 11.26 percent from 9.7 percent.

As of December 31, 2022, the company has a total of 51 ongoing projects with a combined value of Rs 5,653.43 crore. Of this amount, Rs 1,816.81 crore worth of work has already been executed, while the remaining balance of Rs 3,836.62 crore is included in the order book. These projects involve Water Supply Projects (WSPs) that are set to be executed across various states in India, including Rajasthan, Uttar Pradesh, Manipur, Uttarakhand, Gujarat, Assam, and Haryana.