New Delhi, Apr 13 (PTI) Engineering, procurement and construction (EPC) firm Vishnu Prakash R Punglia Ltd has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
The IPO comprises a fresh issue of 3.12 crore equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP).
According to market sources, the IPO size is expected to be Rs 300 crore.
Proceeds from the fresh issuance to the tune 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 Jodhpur-based company has experience in the design and construction of major infrastructure projects for the central and state governments, with ongoing projects in nine states.
The company's revenue from operations increased to Rs 785.61 crore in 2021-22 from Rs 373.15 crore in 2019-20, and profit for the year rose to Rs 44.85 crore from Rs 12.66 crore.
As of December 2022, it has 51 ongoing projects, aggregating Rs 5,653.43 crore, of which Rs 1,816.81 crore worth of work has already been executed.
Choice Capital Advisors Private Limited and Pantomath Capital Advisors Private Limited are the book-running lead managers. The equity shares are proposed to be listed on BSE and NSE. PTI SP SP BAL BAL
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