Kalana Ispat IPO: Key Subscription Status and Market Insights
Kalana Ispat IPO Overview
Kalana Ispat has launched its SME IPO, opening for subscription from September 19 until September 23, aiming to raise ₹32.59 crore. The price band is set at ₹66 per share.
IPO Subscription Status
- The IPO is currently witnessing muted demand with a subscription of just 0.05 times as of 12:15 pm on the first day.
- Bids have been received for 2.44 lakh shares against an offer of 46.90 lakh shares.
- The retail investor segment shows a subscription of 0.09 times, while the non-institutional investors category stands at 0.01 times.
Details About The IPO
This offering is exclusively a fresh issue of 49.38 lakh shares, with no offer-for-sale components. The proceeds will be used for key capital expenditures, including:
- Setting up a 4 MW DC and 3.5 MW AC solar power plant.
- Establishing a rolling mill in Ahmedabad, alongside the necessary infrastructure.
- General corporate purposes to support operational and strategic growth.
Investor Requirements
- Retail investors can apply for a minimum lot size of 2,000 shares, amounting to ₹1,32,000.
- High net-worth individuals must apply for a minimum of 4,000 shares, totaling ₹2,64,000.
Important Dates
- IPO allotment is expected on September 24, 2024.
- Refund initiation and share credit to allottees will occur on September 25, 2024.
- Shares will be listed on the NSE SME platform on September 26, 2024.
Company Background
Founded in October 2012, Kalana Ispat specializes in manufacturing M.S. and Alloy Steel Billets of various grades. Despite facing an 11% revenue decline, the company has reported a staggering 373% increase in profit after tax between FY2023 and FY2024.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.