KP Green Engineering IPO: The initial public offering (IPO) of steel products manufacturer KP Green Engineering Ltd is witnessing strong demand as seen in the subscription status. The ₹189.50 crore KP Green Engineering IPO has been oversubscribed heavily led by retail investors.
KP Green IPO is an SME IPO that opened for bidding on March 15 and will close on March 19. Today is the second day of bidding for KP Green Engineering IPO.
Let us check the KP Green Engineering IPO subscription status, GMP today and other key details:
KP Green Engineering IPO Subscription Status
KP Green Engineering IPO has been subscribed 3.90 times so far on Monday, March 18, the second day of the bidding process. The public issue received bids for 3.43 crore equity shares as against 87.52 lakh shares on the offer, as per data available till 1:00 pm.
The IPO has been subscribed 4.80 times in the retail category, 1.76 times in the Qualified Institutional Buyers (QIB), and 4.67 times in the Non-Institutional Investors (NII) category so far.
Also Read: Naman In-Store (India) IPO: Price band, issue size, other key details to know
KP Green Engineering IPO GMP Today
KP Green Engineering IPO GMP today, or grey market premium today, has dropped to ₹38 per share, as per stock market observers. This indicates that the shares of KP Green Engineering Ltd are trading at a premium of 26.39% at ₹182 apiece in the grey market as against their IPO price of ₹144.
KP Green Engineering IPO Details
KP Green Engineering IPO opened for public subscription on March 15 and will close on March 19. The IPO allotment is expected to be finalised on March 20. The company’s shares will be listed on BSE SME with a tentative listing date fixed as March 22.
KP Green Engineering IPO price band has been set at ₹137 to ₹144 per share. At the upper end of the price band, the company plans to raise ₹189.50 crore from the issue that comprises entirely a fresh issue of 1.31 crore equity shares.
The IPO lot size is 1,000 shares and the minimum investment amount required by retail investors is ₹144,000.
Also Read: KP Green Engineering IPO price band set at ₹137 – 144 per share; check GMP, issue dates, other key details of SME IPO
KP Green Engineering Ltd has reserved 50% of the net issue for the Qualified Institutional Buyers (QIB) category, not less than 35% for the Retail Investors category, and 15% for the Non-Institutional Investors (NII) category.
The company proposes to utilise the fresh issue proceeds to part finance the capital expenditure towards setting up a new manufacturing unit to expand its current production capabilities and expand the current product portfolio and for general corporate purposes.
The book-running lead manager of the KP Green Engineering IPO is Beeline Capital Advisors Pvt Ltd, while Bigshare Services Pvt Ltd is the IPO registrar.
KP Green Engineering is a manufacturer of fabricated and hot-dip galvanized steel products. It offers end-to-end solutions by providing in-house fabrication and Hot Dip Galvanizing facilities for custom-made solutions.
KP Green Engineering IPO is the third offering from the KP Group after KP Energy, which raised ₹6.44 crore in 2016, and KPI Global Infrastructure Ltd, which raised ₹39.94 crore in 2019.
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Published: 18 Mar 2024, 01:05 PM IST