Vishnu Prakash R Pungulia IPO sees 10.63 times booking on bidding Day 2

Vishnu Prakash R Pungulia IPO opens for second day of bidding

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26 Aug, 2025 12:21

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Investors picked up 23.3 crore equity shares of Vishnu Prakash R Pungulia in the maiden public issue on August 25, the second day of bidding. This was 10.63 times that of the offer size of 2.19 crore shares.

The overwhelming response may be attributed to higher government spending on infrastructure through initiatives such as Atal Mission for Rejuvenation and Urban Transformation, AMRUT and Swachh Bharat, along with healthy financials and fair valuations compared to peers.

High net-worth individuals and retail investors remained ahead in terms of bidding numbers, buying 19.39 times and 12.88 times the allotted quota. Up to 15 percent and 35 percent of the issue portion has been reserved for both categories, respectively.

Qualified institutional buyers, who will get up to 50 percent shares in the issue, have bid 35 percent shares against their reserved portion.

Also read: Vishnu Prakash R Pungulia IPO: Analysts see many positives, few negatives

The part set aside for employees has been subscribed 5.68 times. The offer includes 3 lakh shares for the company's employees who will get those shares at a discount of Rs 9 each to the final offer price.

Led by promoter Vishnu Prakash Punglia, the Jodhpur-based construction company aims to garner Rs 308.88 crore via public issue of 3.12 crore equity shares comprising only fresh issue.

That means the entire issue proceeds will be received by the company and will be utilised for the purchase of equipment and machineries amounting to Rs 62.2 crore, working capital requirements of Rs 150 crore, and the remaining money for general corporate purposes.

Also read: Vishnu Prakash R Punglia IPO - 10 key things to know

The engineering, procurement and construction (EPC) company with experience in design and construction of various infrastructure projects operates in four businesses water supply, railway, road, and irrigation network. But most of its business comes from the water supply projects (WSPs).