Vishnu Prakash IPO: The initial public offering (IPO) of Vishnu Prakash R Punglia Limited has opened for subscription today and it will remain open for bidders till 28th August 2023. The designer and infrastructure construction company has fixed Vishnu Prakash IPO price band at ₹94 to ₹99 per equity share and book build issue has made debut in grey market as well. According to market observers, shares of Vishnu Prakash R Punglia Limited are available at a premium of ₹65 per equity share in grey market today.
Vishnu Prakash IPO subscription status
By 12:09 PM on day one of bidding, the book build issue has been subscribed 1.26 times whereas its retail portion has been subscribed 1.89 times. Its NII portion has been subscribed 1.51 times in this time.
Important Vishnu Prakash IPO details
1] Vishnu Prakash IPO GMP today: According to market observers, Vishnu Prakash IPO grey market premium (GMP) today is ₹65.
2] Vishnu Prakash IPO price: Company has fixed price band of the book build issue at ₹94 to ₹99 per equity share.
3] Vishnu Prakash IPO date: The public issue has hit primary market today and it will remain open till 28th August 2023.
4] Vishnu Prakash IPO size: The company aims to raise ₹308.88 crore from its initial offer.
5] Vishnu Prakash IPO lot size: A bidder will be able to apply in lots and one lot of the issue comprises 150 company shares.
6] Vishnu Prakash IPO investment limit: As mentioned above, a retail investor will be able to apply in lots and one lot will comprise 150 shares. This means, a retail investor would require at least ₹14,850 ( ₹99 x 150) to apply for the IPO.
7] Vishnu Prakash IPO allotment date: The tentative date for finalisation of share allocation is 31st August 2023.
8] Vishnu Prakash IPO registrar: Link Intime India Private Ltd has been appointed as official registrar of the IPO.
9] Vishnu Prakash IPO listing date: The public issue is proposed for listing on BSE and NSE and most likely Vishnu Prakash IPO listing date is 5th September 2023.
10] Vishnu Prakash IPO review: Giving ‘subscribe’ tag to Vishnu Prakash IPO, Reliance Securities said, “On FY23 financials, the IPO is valued at 10.2x P/E, 9x EV/EBITDA and 1.2x EV/Sales. VPRPL has gradually increased their capabilities in terms of the size of projects executed. The infrastructure sector which is a key driver for the Indian economy, is likely to provide several growth opportunities to the company. Moreover, with the Union budget 2023-23, the company stands to benefit from various government initiatives in infrastructure, waster waste management, road and highway Industry. In view of diversified business verticals, strong financials, multiple growth opportunities and a healthy order book, we recommend a SUBSCRIBE to the issue.”
Suggesting ‘apply’ to long term investors, Sushil Finance said, “Compared to peers, highest and lowest level of P/E are 12.56x of H.G. Infra Engineering Ltd. and 25.62x of ITD Cementation India Ltd. and Industry average is 17.22x. the issue seems priced attractively. The company has a strong customer standing and track record of successfully completed projects. As of July 15,2023, the total Order Book was ₹37,995.28 million, entirely comprising of projects awarded by governmental authorities. The company is planning to bid for higher value projects, however in order to do that the company will require a higher working capital. The company is however highly concentrated in Rajasthan with revenue forming 66.86% of Total revenue for FY23. The company has ₹844.72 million as unsecured loans which are repayable on demand. Sudden recall may disrupt their operations. Keeping in mind all positive and negative factors investors can look for long term investment.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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