The public issue of Vishnu Prakash R Punglia Ltd was subscribed 87.82 times on the last day of the issue closing, as all category investors participated enthusiastically.

The ₹309-crore IPO that opened on Thursday with a price band of ₹94-99 received bids for 192.57 crore shares as against 2.19 crore shares on offer.

While the retail investors’ portion was subscribed 32 times, the quota reserved for non-institutions (HNIs) has been subscribed a whopping 111 times. The employees’ portion was subscribed a healthy 12.97 times, while QIBs have bid for 171.69 times.

The engineering, procurement, and construction (EPC) firm raised ₹92 crore from anchor investors on Wednesday as part of the initial public offering. Among the anchor investors included Quant MF, Kotak Mahindra Life Insurance Company Ltd, Max Life Insurance Company Ltd, BNP Paribas, Copthall Mauritius Investment Ltd, Milky Investment and Trading Company, Societe Generale and Minerva Emerging Opportunities Fund Ltd are among the anchor investors.

The entire IPO is a fresh issue and the proceeds will be utilised for purchasing capital equipment, funding the working capital requirements of the company, and the balance for general corporate purposes.

Led by promoter Vishnu Prakash Punglia, the EPC has undertaken infrastructure projects for over three decades. It owns a fleet of about 484 (four hundred and eighty-four) construction equipment assets, which include crushers, excavators, loaders, dozers, paver machines, ready mix concrete plants, concrete mixtures, cranes, tractors and transportation vehicles from some of the leading suppliers.

Its major activities include construction design, building, implementation, operation, maintenance and development of Water Supply Projects (WSPs), including Water Treatment Plants (WTPs), along with pumping stations and laying of pipelines for water supply, as well as other projects such as roads, bridges, tunnels, warehouses, buildings, and railway buildings, including platforms, stations, quarters, administrative buildings, Rail-Over-Bridges and Waste Water Treatment Plants (WWTPs). It also undertakes operations and maintenance services