Infra EPC Player, Vishnu Prakash R Punglia files DRHP for IPO

Jodhpur-based Vishnu Prakash R Punglia Limited (VPRP) plans to raise funds through an IPO with a face value of Rs 10 per equity share with a no offer-for sale component.

Jodhpur-based Vishnu Prakash R Punglia Limited (VPRP) has filed its Draft Red Herring Prospectus (DRHP) with the capital markets regulator, SEBI, to raise funds through an initial public offering (IPO). The Company has experience in design and construction of major infrastructure projects for the Central and State Governments, autonomous bodies, and private bodies with on-going projects at nine states.

The public issue with a face value of Rs 10 per equity share is a complete fresh issue of shares up to 31.20 million with no offer-for sale component. The offer also includes a reservation for a subscription by eligible employees.

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The Offer is being made through the Book Building Process, with maximum 50% allocation to Qualified Institutional Buyers, minimum 15% to Non-Institutional Investors and minimum 35% to Retail Individual Investors. The proceeds from its fresh issuance, to the extent of Rs 58.64 crore will be utilised for purchasing capital equipment, Rs 140 crore will be used for funding the working capital requirements of the Company; and the balance for general corporate purposes.

The Company’s revenue from operations increased from Rs 373.15 crore in FY 2019-20 to Rs 785.61 crore in FY 2021-22 at a Compounded Annual Growth Rate (“CAGR”) of 45.10%, while the profit for the year increased from Rs 12.66 crore in FY 2019-20 to Rs 44.85 crore in FY 2021-22 at a CAGR of 88.25%.