Vishnu Prakash R Punglia IPO on Aug 24

New Delhi: Engineering, procurement and construction (EPC) firm Vishnu Prakash R Punglia Ltd on Monday said it has fixed a price band of Rs94-99 per share for its Rs309-crore initial public offering (IPO).

The maiden public issue will open on August 24 and conclude on August 28, the company said. The IPO comprises a fresh issue of 3.12 crore equity shares with no offer-for-sale (OFS) component. The offer also includes a reservation for a subscription by eligible employees. Proceeds from the fresh issuance will be utilised for purchasing capital equipment, funding the working capital requirements of the company and the balance for general corporate purposes. The IPO will fetch Rs293.28 crore and Rs308.88 crore at the lower and upper end of the price band, respectively. Investors can bid for a minimum of 150 equity shares and in multiples of 150 equity shares thereafter.