Kanohar Electricals expected listing at ₹824, 30.38% above IPO price
Kanohar Electricals hit the stock market today, with its shares expected to list at ₹824, which is 30.38% higher than the IPO price of ₹632.
The buzz around this IPO has definitely been real.
Kanohar IPO subscribed over 90 times
The IPO was a big hit, getting subscribed more than 90 times in total. Big institutional investors led the charge, but retail and non-institutional buyers also jumped in enthusiastically.
With the funds to be used for capital expenditure, including machinery and equipment for the Gangol manufacturing facility, expansion and automation of backwards integration facilities, civil construction and interior development of an office building, and sustainability initiatives, ₹155 crore for incremental working capital, and the remainder for general corporate purposes, Kanohar's valuation was set at ₹1,056 crore at the upper end.