The IPO of Kalana Ispat SME has a grey market premium(GMP) of ₹20 per share, leading to a listing price of ₹86. The auction aims to raise ₹32.59 crore and has received high interest.
The issue date of Kalana Ispat SME IPO starts on September 19 and will conclude on September 23. The company wants to collect ₹32.59 crore through the sale and list its shares on the NSE SME platform with the issue price of ₹66 per share.
Kalana Ispat IPO Subscription Status
The IPO has seen strong interest. The issue was 15.91 times on day 3. The IPO got bids for 7.5 crore equity shares, with 46.90 lakh shares on offer. It concluded Day 1 with 0.79 subscriptions.
The retail investor segment was subscribed 24.13 times, while non-institutional investors (NIIs) were booked 7.68 times.
Kalana Ispat SME IPO GMP Today
The GMP of Kalana Ispat SME IPO is ₹20 per share today, indicating an estimated listing price of ₹86, a 30.30% premium from the issue price of ₹66. The GMP declined from ₹35 in the previous session on September 20.
Kalana Ispat SME IPO Details
Kalana Ispat’s IPO is limited to 49.38 lakh shares. The net revenues will be utilized to fund several important goals, including capital expenditures for the building of a 4 MW DC and 3.5 MW AC ground-mounted solar power plant with a TPSAT structure.
Also, the funds will be utilized to construct a rolling mill at Survey No. 4/1, Taluka Sanand, Mouje Kala village, Ahmedabad, which will include the construction of an industrial shed and the purchase of the necessary equipment, machinery, and assets. The remaining funds will be used for general business purposes, including the company’s operational and strategic expansion.
Retail investors must apply for a minimum lot size of 2,000 shares of Kalana Ispat SME IPO, resulting in an investment of ₹1,32,000. HNIs must apply for at least two lots (4,000 shares) valued ₹2,64,000.
The IPO allocation is expected to be finalized on Tuesday, September 24, 2024. The listing date of Kalana Ispat SME IPO is Thursday, September 26, 2024, on the NSE SME platform.
The registrar for the Kalana Ispat IPO is Skyline Financial Services Private Limited, while Jawa Capital Services Private Limited serves as the book-running lead manager. After Trade Broking is the market maker for Kalana Ispat’s IPO.
About the company
Kalana Ispat Limited, founded in October 2012, manufactures M.S. and Alloy Steel Billets in a variety of grades. Product sales and service sales are the two key areas of The company’s operations. Its manufacturing facility is certified by international quality management systems such as ISO 2830:2012 and has a 38,000-MT yearly production capacity.
Despite an 11% fall in revenue, Kalana Ispat experienced a huge 373 percent growth in profit after tax (PAT) between the fiscal years ending March 31, 2023, and March 31, 2024.
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