Kanohar Electricals Makes Strong Market Debut, Shares Jump Over 8%
· Free Press Journal
Mumbai: Shares of transformer manufacturer Kanohar Electricals Ltd made a strong stock market debut on Wednesday, listing at a premium of more than 8% over the IPO issue price of ₹632.
Shares List Higher On BSE, NSE
Kanohar Electricals shares opened at ₹672.05 on the BSE, marking a gain of 6.33% over the issue price. On the NSE, the stock listed at ₹685.50, reflecting a stronger premium of 8.46%.
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Following the listing, the company’s market capitalisation stood at ₹5,889.12 crore.
Kanohar Electricals Powers Up For IPO, Raises ₹317 Crore From Anchor Investors Ahead Of Subscription OpeningThe ₹1,056-crore Kanohar Electricals IPO received strong investor interest and was subscribed 90.59 times on the final day of bidding last Thursday. The company had set an IPO price band of ₹601–₹632 per share.
IPO Structure And Anchor Investment
Before the public issue opened, Kanohar Electricals raised ₹317 crore from anchor investors.
The initial public offering comprised a fresh issue of shares worth up to ₹300 crore and an offer for sale of 1.2 crore shares. The offer-for-sale portion was valued at ₹756 crore at the upper end of the price band.
The shares were sold by promoter K Sons Family Trust.
How IPO Proceeds Will Be Used
Kanohar Electricals plans to spend ₹64.1 crore from the fresh issue on capital expenditure. This includes purchasing machinery and equipment for its Gangol manufacturing facility, automating backward integration operations and developing an office building.
Kanohar Electricals IPO To Open On September 8; Price Band Fixed At ₹601-632 Per SharePart of the amount will also support sustainability initiatives. Another ₹155 crore will be used to meet additional working capital requirements, while the remaining proceeds are intended for general corporate purposes.
Transformer And EPC Operations
Kanohar Electricals manufactures transformers for power transmission, distribution, railways and renewable energy projects.
The company operates through transformer manufacturing and Engineering, Procurement and Construction segments. Its EPC business undertakes turnkey projects involving substations, transmission lines, bay augmentation, and the installation of air-insulated and gas-insulated substations across India.