Vishnu Prakash R Punglia Limited

Vishnu Prakash R Punglia Limited is an integrated engineering, procurement and construction (EPC) company incorporated in 1986, engaged in designing and building infrastructure projects for central and state government departments, autonomous bodies and private clients across nine states and one union territory in India. Its work spans four principal segments: water supply projects, railway projects, road projects and irrigation network projects, with a particular depth of experience in water supply schemes built up over more than three decades. The company follows an in-house, integrated execution model, owning a large fleet of construction equipment and vehicles (about 499 units as of March 2023, with a gross block of roughly Rs 136 crore) rather than relying heavily on third-party contractors, which the company says helps control costs, timelines and material handling. It has repeatedly won new mandates from repeat government clients, including multiple projects awarded by the Public Health Engineering Department of Rajasthan over recent years, and has executed over 75 water supply projects to date. Financially, the company grew rapidly in the years leading up to its listing, with revenue rising from about Rs 488 crore in FY2021 to about Rs 1,171 crore in FY2023 and profit after tax rising from about Rs 19 crore to about Rs 91 crore over the same period. As of mid-2023 it reported an order book of roughly Rs 3,800 crore. The company is led by five promoters from the Punglia family and is registered in Mumbai, Maharashtra, with its shares listed on both the NSE and BSE.

The company raised about Rs 91.77 crore from anchor investors ahead of the issue opening, allotting shares to 13 anchor investors at the upper price band of Rs 99 per share. Domestic mutual funds and insurers such as Quant Mutual Fund, Max Life Insurance and Kotak Mahindra Life Insurance participated alongside foreign institutional investors including Societe Generale, Minerva Emerging Opportunities Fund, Copthall Mauritius Investment and BNP Paribas Arbitrage.