Vishnu Prakash R Punglia IPO allotment: Check application status & latest GMP

Vishnu Prakash R Punglia is likely to finalize the basis of allotment of shares on Thursday, August 31. The initial public offering (IPO) of Vishnu Prakash R Punglia, which was open between August 24 and August 28, had received a super solid response from the investors during the three-day bidding process.

Vishnu Prakash R Punglia raised about Rs 309 crore from its primary stake sale, which was entirely a sale of 3.12 crore fresh equity shares. The company had offered its shares in the fixed price band of Rs 94-99 apiece, and the investors could make bids for a minimum of 130 equity shares and its multiples thereof.

The IPO of Vishnu Prakash R Punglia was overall subscribed a stellar 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.

Grey market premium (GMP) of Aeroflex Industries has remained strong following the stellar subscription numbers and positive reviews. The company is commanding a premium of Rs 60 per share over its issue price in the unofficial market, which was around Rs 55 a couple of days ago. The current grey market trends signals a number listing for the company.

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.

Majority of the brokerage firms are positive on the issue and have suggested subscribing to it citing its robust order book, strong execution, healthy financial, growth prospects and attractive valuations for the investors. However, dependency on government projects, high working capital and increasing competition are the key challenges.

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.

Investors, who had bid for the issue and have not checked their application status, can check the allotment status on the Bombay Stock Exchange (BSE) website, which is https://www.bseindia.com/investors/appli_check.aspx.

Investors can also check the allotment status on the online portal of Link Intime India Private Limited. (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue. The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus.

Bidders who could not get allotment in the IPO may see the initialization of refunds on Friday, September 1. Others, who would be allotted shares may see the credit of shares, in the Demat accounts by Monday, September 4, while stock is likely to be listed at the bourses on Tuesday. September 5. 

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