Vishnu Prakash R Punglia IPO: Vishnu Prakash R Punglia’s Rs 308.88-crore IPO opens for subscription today, 24 August. The public offer comprises a fresh issue of 3.12 crore shares. The infrastructure player has set the price band for the IPO at Rs 94-99 per equity share. Vishnu Prakash R Punglia shares’ grey market premium gained 55% on Thursday, commanding a premium of Rs 54 over upper end of the IPO price, implying a listing price of Rs 153 per share.
Ahead of the issue opening, Vishnu Prakash R Punglia raised Rs 91.77 crore from various anchor investors on 23 August. The IPO will close for subscription on 28 August. The date of allotment of units is projected to be 31 August, following which, the issue is expected to list on the bourses on 5 September. The lot size of the Vishnu Prakash R Punglia IPO is 150 shares per lot, coming in at Rs 14,850 per lot.
Should you apply for the Vishnu Prakash R Punglia IPO?
Reliance Securities: Subscribe
“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, water 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.”
Geojit Research: Subscribe
“At the upper price band of Rs 99, VPRPL is available at a P/E of 13.6x (FY23), which appears to be fairly priced compared to its peers. The consistent topline growth and operational efficiencies, experience of over three decades in the industry, strong support from government orders, healthy order pipeline, and new initiatives from Govt. of India to boost the sector will position the company well for growth. We assign a “Subscribe” rating for the issue on a short- to medium term basis.”
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