KP Green Engineering share price saw a strong debut as they listed at ₹200, a premium of 38.89% over the issue price on the BSE SME
Markets had been anticipating decent listing gains from KP Green Engineering IPO as was evident from subscription numbers and Grey Market premium (GMP)
The grey market premium (GMP) for KP Green Engineering’s IPO stood at +50 according to www.investorgain.com. This indicates that the KP Green Engineering share price was being traded at a premium of ₹50 on the grey market.
A “grey market premium” denotes the willingness of investors to pay more money than the issue price.
KP Engineering’s expected listing price was ₹194 per share, 34.72% more than the IPO price of ₹144, taking into account the upper end of the pricing band and the current premium on the grey market.
On the third and final day of subscription, the public issue of KP Green had been subscribed 29.5 times its initial offering.
KP Green Engineering IPO bidding had started on March 15, 2024, and ended on March 19, 2024. On Wednesday, March 20, 2024, the allotment for the KP Green Engineering IPO was completed.
The pricing band for KP Green Engineering’s IPO was ₹137– ₹144 per share. The applicants were required to bid for a minimum lot size of 1000 shares and multiples thereafter.
The KP Green Engineering IPO’s book running lead manager is Beeline Capital Advisors Pvt Ltd, while the issue’s registrar is Bigshare Services Pvt Ltd.
KP Green Engineering intended to raise ₹189.50 crore at the upper end of the price band through the issuance, which is made up completely of a new issue of 1.31 crore equity shares.
KP Green Engineering intends to use the proceeds from the new issue to partially fund the capital costs associated with building a new manufacturing facility in order to increase its present production capacity and product line, as well as for general corporate reasons.
KP Green Engineering manufactures fabricated and hot-dip galvanized steel products. By offering in-house fabrication and Hot Dip Galvanizing facilities for custom-made solutions, it provides end-to-end solutions.