The initial public offering (IPO) of KP Green Engineering Ltd, a steel products manufacturer, is witnessing robust demand, particularly from retail investors. The ₹189.50 crore KP Green Engineering IPO has been heavily oversubscribed.
KP Green Engineering IPO, categorized as an SME IPO, commenced its bidding process on March 15 and is scheduled to conclude on March 19. Currently, it is the second day of bidding for the KP Green Engineering IPO.
As of Monday, March 18, the second day of bidding, the KP Green Engineering IPO has been oversubscribed by 3.90 times. Data available until 1:00 pm indicates that the public issue has received bids for 3.43 crore equity shares against the offer size of 87.52 lakh shares.
The subscription status across categories reveals strong interest, with the IPO oversubscribed by 4.80 times in the retail category, 1.76 times in the Qualified Institutional Buyers (QIB) category, and 4.67 times in the Non-Institutional Investors (NII) category so far.
Grey market premium (GMP) for the KP Green Engineering IPO today stands at ₹38 per share, indicating a premium of 26.39% over the IPO price of ₹144 per share.
KP Green Engineering IPO, which opened for public subscription on March 15, is expected to finalize its allotment on March 20, with tentative listing scheduled for March 22 on BSE SME.
The IPO price band is set at ₹137 to ₹144 per share, aiming to raise ₹189.50 crore through a fresh issue of 1.31 crore equity shares. The minimum investment requirement for retail investors is ₹144,000 for a lot size of 1,000 shares.
KP Green Engineering plans to utilize the proceeds from the IPO to finance capital expenditure for setting up a new manufacturing unit, expanding production capabilities, diversifying the product portfolio, and general corporate purposes.
Beeline Capital Advisors Pvt Ltd is the book-running lead manager, while Bigshare Services Pvt Ltd serves as the IPO registrar for the KP Green Engineering IPO.
KP Green Engineering, specializing in fabricated and hot-dip galvanized steel products, marks the third offering from the KP Group, following KP Energy in 2016 and KPI Global Infrastructure Ltd in 2019.
