Home / Business and Economy / Kanohar Electricals IPO Allotment Today: Strong Demand!
Kanohar Electricals IPO Allotment Today: Strong Demand!
11 Sep
Summary
- Kanohar Electricals IPO fully subscribed 90.59 times.
- Investors bid for 105.92 crore shares against 1.17 crore.
- Shares expected to list on BSE and NSE on September 16.
The allotment of shares for Kanohar Electricals' Rs 1,055.74-crore initial public offering (IPO) is scheduled for today, September 11. The IPO, which opened on September 8 and closed on September 10, witnessed exceptional investor demand, achieving a subscription rate of 90.59 times. Investors collectively bid for 105.92 crore shares against the 1.17 crore shares offered.
Qualified institutional buyers (QIBs) demonstrated the strongest interest, with their portion of the IPO being subscribed an overwhelming 215.37 times. Non-institutional investors (NIIs) subscribed 87.74 times, while the retail investor segment saw a subscription of 20.50 times. The IPO's price band was set between Rs 601 and Rs 632 per share.
Ahead of its allotment, Kanohar Electricals shares were trading at a substantial premium in the grey market, with the grey market premium (GMP) reported at Rs 240 per share as of September 11. This suggests an indicative listing price of approximately Rs 872 per share, representing a potential premium of about 38 percent over the upper price band. The shares are expected to list on the BSE and NSE on September 16.
The Rs 1,055.74-crore IPO comprises a fresh issue of Rs 300 crore and an offer-for-sale (OFS) of up to 1.2 crore shares. Kanohar Electricals plans to utilize Rs 64.1 crore from the fresh issue for capital expenditure, including purchasing machinery and expanding manufacturing facilities in Meerut, Uttar Pradesh. An additional Rs 155 crore is earmarked for working capital requirements, with the remaining funds for general corporate purposes.
