KP Green Engineering IPO: Institutional investors invest Rs 54 crore in SME issue via anchor book

KP Green Engineering IPO opens on March 15

KP Green Engineering, the fabricated and hot-dip galvanized steel products manufacturer, has raised Rs 54 crore through its anchor book on March 14, a day prior to its IPO opening.

The largest-ever SME initial public offering will open for subscription on March 15 and close on March 19.

"... has finalised allocation of 37.50 lakh equity shares to anchor investors, at issue price of Rs 144 per equity share," the Gujarat-based company said in its BSE filing.

BofA Securities Europe SA - ODI was the largest investors in the anchor book of the KP Green Engineering IPO, buying Rs 5.99 crore worth of equity shares, followed by NAV Capital VCC and LC Radiance Fund VCC, which picked around Rs 4 crore worth shares each, while Morgan Stanley Asia (Singapore) invested Rs 2 crore in the company.

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Silver Stride India Global Fund, Beacon Stone Capital VCC, Galaxy Noble Global Opportunities Fund, Finavenue Capital Trust, Persistent Growth Fund, Craft Emerging Market Fund, 3 Sigma Global Fund, Forbes EMF, Nova Global Opportunities Fund, Zeal Global Opportunities Fund, Zinnia Global Fund PCC, AG Dynamic Funds, and Eminence Global Fund were other investors participated in the anchor book.

KP Green Engineering is planning to mop up Rs 189.50 crore through its public issue of 1.31 crore equity shares, comprising only a fresh issue with no offer-for-sale component.

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The price band for the IPO has been fixed at Rs 137-144 per share.

The Surat-based company will utilise Rs 156.14 crore out of the fresh issue proceeds for setting up a new manufacturing unit to expand current production capabilities as well as expanding current product portfolio. And the remaining fresh issue money will be used for general corporate purposes.