K2 Infragen shares debuted on the NSE SME platform on April 8 at Rs 167, marking a 40% premium over the issue price of Rs 119.
Despite the strong listing, the gains fell short of the grey market premium, where shares were trading at Rs 63 above the issue price.
The company’s public offering of Rs 40.54 crore witnessed overwhelming demand, with subscription exceeding 46.35 times. A total of 11,40,14,400 share applications were received against the offered 24,60,000 shares.
Established in 2015, K2 Infragen operates as an engineering, procurement, and construction (EPC) firm, with divisions handling contract-based projects across various sectors such as water supply, railroads, roads, and civil construction.
Additionally, the company engages in trading non-ferrous metals through auction procedures in the open market.
Proceeds from the IPO will be utilized for meeting working capital requirements, capital expenditure, and general corporate purposes.
The issue was priced in the range of Rs 111-119, with Expert Global Consultants Private Limited serving as the book running lead manager and Kfin Technologies Limited as the registrar.
