Kalahridhaan Trendz lists at 4.7% premium to IPO price on NSE SME

Kalahridhaan Trendz IPO: Ahead of the listing, the shares were commanding a 6.6 percent premium in the grey market

Fabric maker Kalahridhaan Trendz listed at a 4.7 percent premium over the issue price on February 23. The stock opened at Rs 47.15 on the NSE SME platform against the issue price of Rs 45.

Ahead of the listing, the share was commanding a 6.6 percent premium in the grey market, an unofficial ecosystem where shares start trading before the allotment in the IPO and until the listing day. Most investors track the grey market premium to get an idea of the listing price.

Also Read: Interiors and More lists at 19% premium to IPO price on NSE SME

The offer was subscribed eight times with the retail portion booked nine times. The initial public offering opened for subscription on February 15 and closed on February 20. Through the IPO, the company raised Rs 22.49 crore. The offer comprised a fresh issue of 49.98 lakh shares.

Interactive Financial Services was the book-running lead manager,  Bigshare Services was the registrar and Sunflower Broking was the market-maker for the issue.

The company plans to use the proceeds to meet the working capital requirements and for general corporate purposes.

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Kalahridhaan Trendz manufactures and trades fabrics with embroidery, trading grey fabrics, buying grey fabrics and printing and dyeing of suiting, shirting and dress fabrics for sale in the B2B market. The company has a  manufacturing facility in Ahmedabad, Gujarat.