Shares of CLN Energy were listed on the BSE SME platform at Rs 256 per share on January 30. This marks a premium of 2.4 percent over its IPO price of Rs 250 per share.
Immediately after opening, the shares rose 5 percent to hit the upper circuit at Rs 268.80 per share.
The lithium ion battery manufacturer's initial public offering was subscribed 5.09 times between January 23 and January 27. The company raised Rs 72.3 crore from the capital markets at the upper end of price band of Rs 235-250 per share. The book-built issue solely comprised a fresh issue of 28.92 lakh shares.
Investors applied for 1.05 crore equity shares during January 23-27, against the offer size of 20.71 lakh shares via 11,029 applications, the subscription data published on the BSE showed.
Retail investors picked 6.55 times their allotted quota and non-institutional investors 6.51 times their reserved portion, while qualified institutional buyers bought 1.07 times the part set aside for them.
CLN Energy that offers B2B solutions for electric vehicles, and stationary applications (solar, energy storage systems, and telecommunications) had raised Rs 20.52 crore out of IPO size of Rs 72.3 crore via anchor book on January 22.
The public issue funds will be utilised by the company for purchase of machinery and equipment, working capital requirements, and general corporate purpose.
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