Kanohar Electricals listing: Stock makes debut at 8% premium to IPO price  

Shares of Kanohar Electricals Ltd, the transformers manufacturer, logged a muted listing today after the stock rose 8.46% to its IPO price. The stock listed at Rs 685.50 per share on the NSE against the IPO price of Rs 632. The Rs 1,056-crore issue had a price band of Rs 601-632 per share.

On BSE, Kanohar Electricals stock listed at Rs 672.05 per share, a premium of 6.34 percent. The company's market capitalisation stood at Rs 5,321.75-crore.

The company finalised the basis of allotment of its equity shares on Friday, September 11. The investors applying for the issue could check the status of their applications on the websites of the registrar, NSE or BSE.

The initial public offering (IPO) of Kanohar Electricals received a strong response from investors during its three-day subscription window from September 8 to September 10. The issue had a lot size of 23 equity shares and in multiples thereafter.

The company raised Rs 1,056 crore through the IPO, which was subscribed 90.59 times overall. The issue attracted more than 49.23 lakh applications, with bids worth nearly ?66,950 crore.

Among investor categories, qualified institutional buyers (QIBs) led the subscription, with their reserved portion getting subscribed 215.37 times. The non-institutional investor (NII) quota was subscribed 87.74 times, while the portion reserved for retail investors received 20.51 times subscription.

Following the robust demand during the bidding period, Kanohar Electricals' grey market premium (GMP) has shown a modest recovery. The IPO was last commanding a premium of around ?240 per share in the grey market, indicating a potential listing gain of nearly 38% over the upper end of the issue price band. The GMP had stood at around ?225 during the subscription period.

Nuvama Wealth Management and IIFL Capital Services were the book-running lead managers for the issue, while MUFG Intime India was the registrar.

Kanohar Electricals Limited is engaged in the manufacturing of transformers in India. The Company caters to industries such as power transmission, railways, renewable energy and power distribution.