Shares of KP Green Engineering were quoting at Rs 210 on the BSE, a premium of 45.83% compared with the issue price of Rs 144.
The scrip was listed at Rs 200, a premium of 38.89% compared with the initial public offer (IPO) price. The stock is currently frozen at an upper limit of 5% over its listing price.The counter hit a high of Rs 210 and a low of Rs 200. About 45.67 lakh shares of the company changed hands at the counter.
KP Green Engineering's IPO was subscribed 19.67 times. The issue opened for bidding on 15 March 2024 and it closed on 19 March 2024. The price band of the IPO was fixed at Rs 137 to 144 per share.
The IPO comprised fresh issue of 1,31,60,000 shares. The promoter and promoter shareholding will dilute to 66.59% from 90.7% pre-IPO.
The company intends to utilize the net fresh issue proceeds acquisition of land, building construction and civil work, purchase of plant and machinery, general corporate purpose and public issue expenses.
KP Green Engineering manufactures fabricated and hot-dip galvanized steel products. Its diverse range of products includes lattice towers structures, substation structures, solar module mounting structures, cable trays, earthing strips, beam crash barriers and other infrastructure solution products. It has in-house, well equipped quality control laboratory (for pre and post-production quality checks) to meet the demanding needs of its diversified customers. As on 30 September 2023, the company has total 81 employees.
The company recorded revenue from operations of Rs 103.93 crore and net profit of Rs 11.26 crore for the period as on 30 September 2023.
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