SME IPO Oversubscribed 29 Times

ENA Sectors 2024-03-20 16:56:14 New Delhi, Mar 20 (KNN) The Initial Public Offering (IPO) of KP Green Engineering, a SME IPO, was oversubscribed 29.5 times on Tuesday, marking the third day of the bidding process. Official data reveals that the public issue received bids for 25,81,88,000 equity shares, significantly surpassing the 87.52 lakh shares on offer. The subscription figures showcase robust demand across investor categories, with the IPO being subscribed 20.12 times in the retail category, 31.86 times in the Qualified Institutional Buyers (QIB) segment. Additionally, an impressive 48.23 times in the Non-Institutional Investors (NII) category. Set within a price band of Rs 137 to 144 per share, KP Green Engineering IPO aims to raise Rs. 189.50 crore at the upper end of the range. This comprises entirely a fresh issue of 1.31 crore equity shares. With a lot size of 1,000 shares, the minimum investment required by retail investors stands at Rs 144,000. KP Green Engineering Ltd has allocated 50 per cent of the net issue to Qualified Institutional Buyers (QIBs), 35 per cent for Retail Investors, and 15 per cent for Non-Institutional Investors (NIIs). The company intends to utilise the proceeds from the fresh issue to partially finance capital expenditure for setting up a new manufacturing unit, thereby expanding its production capabilities and product portfolio, besides addressing general corporate purposes. Notably, KP Green Engineering IPO marks the third offering from the KP Group, following KP Energy's Rs 6.44 crore raise in 2016 and KPI Global Infrastructure Ltd's Rs 39.94 crore raise in 2019. (KNN Bureau) 37109 https://knnindia.co.in/news/newsdetails/sectors/sme-ipo-oversubscribed-29-times 2024-03-20 16:56:14 knnindia.co.in SME IPO Oversubscribed 29 Times