Vishnu Prakash R Punglia
Book Building issueMainboard₹309 Cr issue
+64.95%
Listing gain over issue price
Issue size
₹309 Cr
1 lot at cut-off
₹14,850
Lot size
150shares
Open
24 Aug 2023
Close
28 Aug 2023
Allotment
31 Aug 2023
Listing
05 Sep 2023
Listing performance
Issue price
₹99
Listed at
₹163.30
Listing-day close
₹145.93
Latest price
₹24.21
Close on 23 Oct 2026
Listing gain
+64.95%
Return since issue
-75.55%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Aug 2023 – 28 Aug 2023
- Listing date
- 05 Sep 2023
- Face value
- ₹10 per share
- Issue price
- ₹99 per share
- Lot size
- 150 shares
- Issue type
- Book Building issue
- Total issue size
- ₹309 Cr
- Market cap at offer price
- ₹1,234 Cr
- Promoter holding
- 90.45% → 67.81% pre-issue → post-issue
- ISIN
- INE0AE001013
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Choice Capital Advisors Pvt.Ltd.
- Registered office
- Unit No.3, 5th Floor, B-wing, Trade Star Premises, Co-operative Society Limited, Mathuradas Vasanji R, oad, Andheri (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 92,70,000 | — | — |
Application size
Minimum 150 shares per lot, in multiples, at ₹99
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 150 | ₹14,850 |
| Retail (max) | 13 | 1,950 | ₹1,93,050 |
| S-HNI (min) | 14 | 2,100 | ₹2,07,900 |
| S-HNI (max) | 67 | 10,050 | ₹9,94,950 |
| B-HNI (min) | 68 | 10,200 | ₹10,09,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
92,70,000
Anchor portion
₹91.77 Cr
at ₹99 per share
Valuation and performance
Valuation at offer price
₹99 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.41 | — |
| P/E (×) | 9.51 | — |
| Market cap | — | ₹1,234 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 38.31%
- ROCE
- 33.72%
- Debt / equity
- 0.80
- PAT margin
- 7.74%
- NAV per share
- ₹36.11
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Vishnu Prakash R Punglia
Vishnu Prakash R Punglia Limited was originally formed as a partnership firm in 1986 and converted to a public limited company on May 13, 2013. The company is an integrated engineering, procurement and construction (EPC) firm with experience across 9 States and 1 Union territory in India. Its principal business operations include: (i) Water Supply Projects (WSP), including Water Treatment Plants, pumping stations and pipeline laying; (ii) Railway Projects including platforms, stations, and Rail-Over-Bridges; (iii) Road Projects including roads, bridges and tunnels; and (iv) Irrigation Network Projects. The company executes projects on turnkey basis with in-house resources, detailed engineering capabilities, and overall project management from conceptualization to commissioning. It also undertakes operation and maintenance of projects.
Company Analysis
from RHPVishnu Prakash R Punglia Limited is an ISO 9001:2015 certified EPC company executing integrated infrastructure projects across water supply, railways, roads, and irrigation networks in India.
Vishnu Prakash R Punglia Limited was originally formed as a partnership firm in 1986 and converted to a public limited company on May 13, 2013. The company is an integrated engineering, procurement and construction (EPC) firm with experience across 9 States and 1 Union territory in India. Its principal business operations include: (i) Water Supply Projects (WSP), including Water Treatment Plants, pumping stations and pipeline laying; (ii) Railway Projects including platforms, stations, and Rail-Over-Bridges; (iii) Road Projects including roads, bridges and tunnels; and (iv) Irrigation Network Projects. The company executes projects on turnkey basis with in-house resources, detailed engineering capabilities, and overall project management from conceptualization to commissioning. It also undertakes operation and maintenance of projects.
Water Supply and Wastewater ManagementRailwaysRoads and HighwaysIrrigation
Objects of the Issue
- To purchase Capital Equipment ₹621.77 million p.40
- Funding the working capital requirements of our Company ₹1,500.00 million p.40
- General corporate purposes p.40
- Objects of the Issue - refer to page 138 for details p.95
- Funding capital expenditure requirements for the purchase of equipment/machineries ₹621.77 million p.145
- Funding the working capital requirements of our Company ₹1,500.00 million p.143
- General corporate purposes [●] p.143
- Not specified in this document section
Issue Structure
- Total Issue
- Upto ₹[●] million
- Fresh Issue
- Fresh Issue of upto 31,200,000* Equity Shares of face value of ₹10 for cash at a price of ₹[●] per Equity Share (including premium of ₹[●] per Equity Share) aggregating up to ₹[●] million
- Offer for Sale
- Not Applicable
- Face Value
- ₹10 per Equity Share
Business Model
The company generates revenue through Engineering, Procurement and Construction (EPC) contracts for infrastructure projects awarded by Government entities (99.01% of FY2023 revenue) and select private entities. Revenue is earned through fixed-price EPC contracts where the company designs, procures materials, executes construction, and manages projects to completion. The company also derives revenue from operation and maintenance services. Revenue concentration is significant: top 5 clients contributed 80.92% of FY2023 revenue, and Water Supply Projects segment accounted for 85.39% of FY2023 revenue.
Business Segments
Construction, design, building, implementation, operating and maintaining Water Supply Projects including Water Treatment Plants with pumping stations and laying of pipelines for supply of water
Construction of Railway infrastructure including buildings, platforms, stations, quarters, administrative buildings, Rail-Over-Bridges
Construction of road infrastructure including roads, bridges, and tunnels
Construction of irrigation network projects and Waste Water Treatment Plants
Engineering, procurement and construction of water supply infrastructure including water treatment plants, pipelines, and sewerage systems for government entities and autonomous bodies such as smart city development projects.
Engineering, procurement and construction of railway infrastructure including foot over bridges, platforms, and related railway facilities.
Engineering, procurement and construction of road infrastructure and related facilities.
Engineering, procurement and construction of irrigation infrastructure and network systems.
Engineering, Procurement and Construction of water supply infrastructure projects executed for Central and State Government departments. The Company has executed more than seventy-five WSPs and has thirty-eight WSPs under execution.
Survey, design, construction, commissioning, operation, maintenance, and management of water supply projects including supply, laying and testing of pipelines; construction of water tanks, reservoirs, overhead tanks, raw water reservoirs, water treatment plants, pumping stations, providing functional household tap connections and related electro mechanical and instrumentation works.
Laying of railway tracks, construction of platforms, major bridges, rail-over-bridges, rail-under-bridges, foot-over-bridges, station buildings, staff quarters, signal and telecommunication buildings.
Construction and/or strengthening of roads and highways on EPC mode, including minor bridges, major bridges, road-over-bridges, road-under-bridges, culverts.
Survey, design, construction, operation, maintenance, and management of irrigation network including construction of tunnels, canals (lined and unlined), raw water reservoirs, pumping stations, pressurized piping system and related electro mechanical and instrumentation works on EPC single responsibility turnkey basis.
Construction of sewerage treatment plants, sewerage pipelines, sewer tank drains, construction and commissioning of tube settlers; construction of multi-storey RCC framed structures, construction of tunnels, warehouses.
Construction and maintenance of water supply schemes, including Jal Jeevan Mission projects, pipelines, reservoirs, and water treatment facilities.
Major upgradation and construction of railway infrastructure including railway stations, level crossings, and related structures.
Construction of roads and highways under various government programs including National Highways projects.
Construction and engineering services for water supply, railway, road and irrigation projects
Sale of products related to operations
Technical and professional services
Revenue from Water Supply segment increased to ₹9,976.72 million in FY2023
Revenue generated from a new project in roads segment
SWOT Analysis
Strengths
- • 36 years of operational experience in EPC construction industry(p.73)
- • Established reputation for efficient project management combining skilled labor, equipment deployment and integrated in-house model(p.79)
- • Modern equipment base with GPS tracking technology(p.83)
- • Repeated project awards from existing clients demonstrating track record(p.71)
- • Minimal default risk due to all clients being government agencies(p.78)
- • 36+ years experience in water supply projects(p.217)
- • Strong order book of ₹37,995.28 million across segments(p.224)
- • Integrated in-house EPC model with owned equipment fleet(p.218)
- • Established marquee client base across Central/State Governments(p.218)
- • Strong financial growth with 55.1% revenue CAGR (FY21-FY23)(p.215)
- • Promoters with deep infrastructure sector expertise(p.219)
- • Established presence across multiple infrastructure segments(p.271)
- • Strong track record of large-value project execution(p.271)
- • Diversification into multiple infrastructure sectors(p.285)
- • In-house equipment and facilities reducing external dependency(p.272)
- • Experienced management with deep EPC industry background(p.284)
- • Strong revenue growth trajectory(p.271)
- • Strong revenue growth demonstrating operational expansion and market traction(p.401)
- • Dominant market position in water supply segment with significant revenue contribution(p.401)
- • Improved operational efficiency despite cost growth(p.401)
- • Substantial profit growth outpacing revenue growth(p.402)
- • Strong profitability with net profit more than doubling(p.402)
Weaknesses
- • Ongoing litigation with Indore Smart City Development Limited risking 5-year debarment and financial liability(p.68)
- • Complex multiple litigations with Military Engineering Services involving potential financial demands(p.70)
- • Legal dispute with joint venture partner Kalpataru impacting joint venture operations(p.70)
- • High employee attrition rate affecting operational capacity(p.80)
- • Large fixed costs from 929 permanent employees creating cash flow vulnerability(p.79)
- • Promoters have provided personal guarantees for company loans creating personal liability exposure(p.86)
- • Delays in GST return filing creating penalty and interest risk(p.89)
- • Concentrated client base dependent on top 5 clients(p.242)
- • High geographical concentration in Rajasthan(p.241)
- • Substantial working capital requirements(p.216)
- • Dependence on subcontractors and JV partners for project execution(p.242)
- • Dependence on government contracts and project flow(p.272)
- • Significant financial leverage and borrowing requirements(p.325)
- • Joint venture dependencies and dispute complexities(p.320)
- • Geographic concentration in Rajasthan and select states(p.272)
- • Negative operating cash flows indicating working capital challenges(p.406)
- • Significant increase in finance costs reflecting debt burden(p.402)
- • High financial leverage with total borrowings of ₹2,503.74 million(p.408)
- • Substantial contingent liabilities from bank guarantees(p.409)
- • Significant litigation involving promoters and company(p.422)
- • Dependence on government contracts for revenue stability(p.412)
Opportunities
- • Government focus on infrastructure development creating project pipeline(p.67)
- • Geographic expansion potential beyond Rajasthan to reduce state dependency(p.71)
- • Order book of ₹37,995.28 million providing revenue visibility(p.71)
- • Operations across nine states and one union territory providing diversification platform(p.73)
- • Government focus on infrastructure spending via Gati Shakti and Bharatmala(p.202)
- • Growth in water supply through Jal Jeevan Mission and AMRUT schemes(p.219)
- • ₹111 trillion National Infrastructure Pipeline investment (FY20-FY25)(p.202)
- • Expansion into railway sector with ₹2.4 trillion capex allocation(p.220)
- • Robust demand for automobiles driving road construction demand(p.203)
- • Expansion in government infrastructure programs(p.271)
- • Growth in rural infrastructure under Jal Jeevan Mission(p.274)
- • Road and highway infrastructure segment expansion(p.271)
- • Railway infrastructure modernization projects(p.271)
- • Capacity to undertake larger and more complex projects(p.272)
- • Expansion into new projects and segments(p.401)
- • Continued growth in core water supply business(p.401)
Threats
- • Government policy changes and infrastructure spending slowdown risk(p.67)
- • Payment delays from government clients impacting working capital(p.67)
- • Intense competition from large domestic infrastructure companies(p.67)
- • Low barriers to entry in construction sector attracting new competitors(p.73)
- • Material cost inflation and supply disruptions affecting project profitability(p.77)
- • Extreme weather conditions and natural disasters causing project delays(p.97)
- • Monsoon-dependent water availability affecting water supply projects(p.85)
- • Regulatory and compliance risks from evolving labor and environmental laws(p.96)
- • Volatile steel and cement prices impacting project costs(p.200)
- • Government policy dependence with limited contract negotiation ability(p.256)
- • Intense competition from larger established players(p.256)
- • Weather and seasonality disruptions affecting operations and productivity(p.254)
- • Geopolitical tensions impacting raw material costs(p.206)
- • Exposure to project time and cost overruns(p.272)
- • Government policy changes and regulatory uncertainty(p.272)
- • Competition from other EPC contractors(p.313)
- • Input cost volatility and raw material price fluctuations(p.326)
- • Extreme dependence on limited number of government clients(p.412)
- • Exposure to project termination and contract disputes with government(p.423)
- • Significant litigation risk affecting operations and reputation(p.423)
- • Ongoing criminal proceedings that could impact business operations(p.421)
- • Interest rate sensitivity affecting borrowing costs(p.410)
- • Outstanding dues to MSME creditors creating compliance obligations(p.427)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vishnu Prakash Punglia | Promoter | 14.05% | — |
| Manohar Lal Punglia | Promoter | 8.80% | — |
| Sanjay Kumar Punglia | Promoter | 8.89% | — |
| Kamal Kishor Pungalia | Promoter | 8.99% | — |
| Ajay Pungalia | Promoter | 10.27% | — |
| Vishnu Prakash Punglia | Promoter and Chairman | — | — |
| Manohar Lal Punglia | Promoter and Managing Director | — | — |
| Sanjay Kumar Punglia | Promoter | — | — |
| Kamal Kishor Pungalia | Promoter | — | — |
| Ajay Pungalia | Promoter | — | — |
| Vishnu Prakash Punglia | Promoter | 14.05% | [●] |
| Manohar Lal Punglia | Promoter | 8.80% | [●] |
| Sanjay Kumar Punglia | Promoter | 8.89% | [●] |
| Kamal Kishor Pungalia | Promoter | 8.99% | [●] |
| Ajay Pungalia | Promoter | 10.27% | [●] |
| Promoter Group collectively | Promoter Group | 39.45% | [●] |
| Vishnu Prakash Punglia (historical partnership member, now company) | Promoter/Promoter Group | — | — |
| Vishnu Prakash Punglia | Promoter | 14.05% | — |
| Manohar Lal Punglia | Promoter | 8.80% | — |
| Sanjay Kumar Punglia | Promoter | 8.89% | — |
| Kamal Kishor Pungalia | Promoter | 8.99% | — |
| Ajay Pungalia | Promoter | 10.27% | — |
| Vishnu Prakash Punglia | Promoter | 14.05% | — |
| Ajay Punglia | Promoter | 10.27% | — |
| Kamal Kishore Punglia | Promoter | 8.99% | — |
| Sanjay Kumar Punglia | Promoter | 8.89% | — |
| Manohar Lal Punglia | Promoter | 8.80% | — |
Leadership
Vishnu Prakash Punglia · Chairman
Manohar Lal Punglia · Managing Director
Neha Matnani · Company Secretary and Compliance Officer
Sarfaraz Ahmed · Chief Financial Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Vishnu Prakash R Punglia IPO FAQs
What is the lot size of Vishnu Prakash R Punglia IPO?
The minimum lot size of Vishnu Prakash R Punglia IPO is 150 shares. One lot costs ₹14,850 at the cut-off price.
When does Vishnu Prakash R Punglia IPO open and close?
Vishnu Prakash R Punglia IPO opened for subscription on 24 Aug 2023 and closed on 28 Aug 2023.
What is the listing date of Vishnu Prakash R Punglia IPO?
Vishnu Prakash R Punglia IPO listed on 05 Sep 2023.