This stock was listed on September 5th 2023 and rose 47% in its debut. The stock is also included in the S&P BSE IPOindex. On Monday, the company announced receipts of a huge order that is 27% of its market cap of Rs. 2307 crore.
The stock trades currently at Rs. 184.15 versus Rs. 176.44 at closing on Monday. The stock currently has recorded volumes that are nearly 4x the last week average.
Vishnu Prakash R Punglia Ltd (“Vishnu Prakash”) in a filing dated 26th September 2023 announced that it has been awarded an order from Office of Madhya Pradesh Jal Nigam, Govt. of Madhya Pradesh for Engineering, Procurement, Construction, Testing, Commissioning, Trial Run and Operation & Maintenance for 10 years of Chillar Dam Multi-Village Drinking Water Supply Scheme, District Shajapur in a single package on ‘Turn-key Job Basis’. The aforementioned project is worth Rs. 634.41 crore.
On the final day of subscription, the public offering received a whopping 87.82 times subscription from all types of investors. High net worth individuals (non-institutional investors) and qualified institutional buyers were the most aggressive among them, purchasing 171.69 and 111.03 times the allotted quota, respectively.
Retail investors purchased 32.01 times as much of the issue as was designated for them, while employees purchased 12.97 times as much.
In India’s nine states and one union territory, Vishnu Prakash, a company founded in 1986, is in the business of designing and building infrastructure projects for the Central and State Governments, autonomous bodies, and private bodies.
The main business activities of the company can be essentially categorized into four groups: water supply projects, railway projects, road projects, and irrigation network projects.
As a contractor, Vishnu Prakash has received recognition from a number of departments and organizations. A water supply project worth Rs. 433.3 crore was given to Vishnu Prakash by the Public Health Engineering Department (“PHED”), Manipur in 2021, significant growth since it was awarded a water supply project worth Rs. 2 crore (as a partnership firm) by the PHED, Rajasthan in 2002.
Written by Sandeep R
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