KP Green Engineering IPO booked 27 times on final day, led by strong demand from NIIs, QIBs
Upstox
3 min read • Updated: March 19, 2024, 7:52 PM
Summary
The BSE SME IPO, entirely a fresh issue of 1.31 crore shares, received overall 25,88,46,000 bids against 94,10,000 shares on offer for subscription. After the end of the subscription period, KP Green Engineering IPO share allotment is expected on March 20.
KP Green Engineering Ltd IPO, a book build issue of ₹189.50 crore, was subscribed more than 27 times on the final day of the bidding on Tuesday, March 19. The SME public offer opened for subscription on March 15.
The BSE SME public offer, entirely a fresh issue of 1.31 crore shares, received bids for a total of 25,88,46,000 shares against 94,10,000 shares on offer, resulting in 27.51 times oversubscription, according to the stock exchange data.
In the non-institutional investors' (NIIs) category, KP Green Engineering's initial public offer received applications for 9,11,34,000 shares against 25,34,000 shares set aside for them. NIIs booked 35.96 times their quota. The qualified institutional buyers (QIBs) bought 7,96,48,000 shares over 25,00,000 shares set aside for the segment, leading to 31.86 times subscription.
Retail investors were not far behind the other two categories as they poured in bids for 8,80,64,000 shares against 43,76,000 shares offered, resulting in 20.12 times oversubscription in the category.
Of the 1.31 crore shares, KP Green Engineering Ltd allocated 37,50,000 shares (28.50% of the issue size) to anchor investors on March 13. The company raised ₹54 crore in the anchor round.
The company also reserved 6,58,000 shares or (5% of the issue size) for the market maker of the IPO. KP Green Engineering IPO's market maker is Spread X Securities.
KP Green Engineering will finalise the basis of the allotment of IPO shares on Wednesday, March 20.
KP Green Engineering IPO allotment status can be checked through BSE or the registrar's portal. Bigshare Services Pvt Ltd is the registrar to the public issue. After the IPO share allotment, KP Green Engineering will initiate refunds for the non-allottees on March 21 and the shares will be credited to successful bidders' Demat accounts on the same day.
KP Green Engineering IPO listing: The company will list shares on BSE SME with a tentative listing date fixed as March 22, 2024.
KP Green Engineering IPO price band was fixed at ₹137 to ₹144 per share. The minimum lot size to apply was fixed at 1,000 shares, which means the minimum amount of investment for retail investors was ₹1,44,000. For high net worth individuals, the minimum lot size was 2 lots or 2,000 shares, amounting to an investment of ₹2,88,000.
About KP Green Engineering Ltd
KP Green Engineering Limited, which started operations in 2001, is a manufacturer of fabricated and hot-dip galvanized steel products. Its product portfolio includes lattice towers structures, substation structures, solar module mounting structures, cable trays, earthing strips and beam crash barriers.