Konstelec Engineers stock made a stellar market debut on January 30, listing at a 200 percent premium over the IPO price. The stock opened at Rs 210 against the issue price of Rs 70 on the NSE SME platform.
Ahead of the listing, Konstelec Engineers was trading at a 150 percent premium in the grey market, an unofficial ecosystem where shares start trading before the allotment in the IPO and continue till the listing day. The grey market premium (GMP) is largely tracked to get an idea of the listing price.
Also Read: BLS E-Services IPO opens on Jan 30: 10 things to know before you buy into Rs 310-cr issue
The offer, which was subscribed 341 times, opened for biding on January 19 and closed January 24. The price band was fixed at Rs 66-70 a share. The company raised Rs 28.7 crore through the offer, which was a fresh issue of 41 lakh shares.
The company will use the proceeds to meet working capital requirements and general corporate purposes.
Also Read: BLS E-Services raises Rs 126 crore from anchor investors ahead of IPO
Beeline Capital Advisors was the lead manager of the issue, while Skyline Financial Services was the registrar.
The company is involved in the fields of engineering, procurement and construction/commissioning (EPC). Its areas of expertise include electrical installation, solar power plant installation, instrumentation and automation. The company’s clients include Reliance Industries, Engineers India, JSW Steel, Indian Oil, Tata Steel and ISRO.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
