Vishnu Prakash R Punglia shares makes a superb D-st debut; lists at 67% premium at Rs 165

Shares of Vishnu Prakash R Punglia made a stellar debut at Dalal Street on Tuesday as the civil construction players got listed at Rs 165, a premium of 67 per cent over its issue price of Rs 99, on the National Stock Exchange (NSE). Similarly, the stock debut at a premium of 65 per cent at Rs 163.30 on BSE.

Listing onf Vishnu Prakash R Punglia has been slightly better than the expectations of street, which was expect a strong listed pop from the company. Ahead of its listing, shares of Vishnu Prakash R Punglia were commanding a strong premium in the grey market of around Rs 55-60, suggesting gains of up to 60 per cent from its issue price of Rs 99 apiece.
 

Vishnu Praksh R Punglia raised about Rs 309 crore from its primary stake sale between August 24-26, which was entirely a sale of 3.12 crore fresh equity shares. The company had offered its shares in the range of Rs 94-99 apiece, with a lot size of 130 equity shares and its multiples thereof.

The IPO of Vishnu Prakash R Punglia received stellar responses as it was overall subscribed 87.82 times. The portion for qualified institutional bidders was booked a whopping 171.69 times, while the non-institutional investors' category was subscribed an astounding 111.03 times. Retail investors were nowhere behind in bidding as their quota was subscribed 32.01 times.

Incorporated in 1986, Jodhpur-based Vishnu Prakash R Punglia 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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