The allotment of shares in Kanohar Electricals' Rs 1,055.74-crore initial public offering (IPO) is expected to be finalised today, September 11, after the issue received strong demand from investors during its three-day bidding period.
The IPO opened on September 8 and closed on September 10. The price band was fixed at Rs 601-632 per share, with a lot size of 23 shares. At the upper end of the price band, retail investors needed to invest Rs 14,536 for one lot. The shares are scheduled to list on the BSE and NSE on September 16.
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Kanohar Electricals shares continued to command a strong premium in the grey market ahead of the allotment. According to InvestorGain, the latest GMP stood at Rs 240 per share, as of September 11. At the upper end of the IPO price band of Rs 632, this implies an indicative listing price of around Rs 872, or a potential premium of about 38 percent.
GMP figures are unofficial and based on activity in the unregulated grey market. They can change before listing and should not be treated as a guarantee of the actual listing price or returns.