Vishnu Prakash R Punglia shares listing: Should you expect another bumper debut?

Vishnu Prakash R Punglia looks set to join recent debutants such as Aeroflex, Concord Biotech and SBFC and make a solid market debut on Tuesday, as suggested by grey market premium (GMP). Ahead of its listing, shares of Vishnu Prakash R Punglia were commanding a strong premium of Rs 55-60 in the grey market, which hints at a likely listing premium of 60 per cent over the issue price of Rs 99 apiece. The GMP rebounded, as the sentiment in the broader market improved.

Anubhuti Mishra, Equity Research Analyst at Swastika Investmart expects Vishnu Prakash R Punglia to list at around Rs 153. "It  is a well-established company that focuses on water supply projects, which is benefiting from various government initiatives in the infrastructure sector," she said.

The Vishnu Prakash R Punglia IPO ran from August 24 to August 26. The company raised Rs 309 crore from the sale of 3.12 crore fresh equity shares, amounting to Rs 309 crore. The company had offered its shares in the price band of Rs 94-99 apiece. The lot size was 130 equity shares.

“With Vishnu Prakash R Punglia issue getting an overwhelming response by investors and getting oversubscribed by about 88 times, we expect the issue to deliver handsome gains on the listing day,” said Parth Shah, Research Analyst at StoxBox.

The IPO was subscribed 87.82 times. The portion for qualified institutional bidders (QIBs) was booked 171.69 times while the non-institutional investor (NII) category was subscribed 111.03 times. The retail quota got 32.01 times subscription.

Incorporated in 1986, the Jodhpur-based company is engaged in the business of designing and constructing infrastructure projects for the central and state governments, autonomous bodies, and private bodies across nine states and one union territory in India.

Choice Capital Advisors and Pantomath Capital Advisors are the book running lead managers and Link Intime India has been appointed as the registrar to the issue. Shares of the company are proposed to be listed on both BSE and NSE.

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