Knack Packaging IPO oversubscribed 83.3 times amid over 158cr shares
Knack Packaging's IPO entered its third day on Friday, and it has been a hit, oversubscribed by 83.3 times on the second day of bidding on Thursday.
Investors put in bids for over 158 crore shares, even though only 1.89 crore were actually available.
The public issue includes ₹380 crore of new shares and an offer for sale worth ₹59.5 crore from existing shareholders.
Noninstitutional investors subscribe 154.34 times
Noninstitutional investors led the charge, subscribing at 154.34 times, while QIBs were not far behind at 139.81 times. Retail investors also showed solid interest with a subscription rate of 20.07 times.
The company raised ₹131.25 crore from anchor investors before the IPO opened and plans to use the funds to build a new manufacturing unit in Gujarat.
Shares are priced between ₹161 and ₹170 each and are expected to list on BSE and NSE on July 8.