Kahan Packaging stock lists at nearly double the IPO price on BSE SME exchange

Kahan Packaging IPO opened for subscription on September 6, 2023, and closed on September 8, 2023.

Kahan Packaging shares listed today at Rs 152 on BSE SME platform. The stock jumped 90% at open against the IPO price of Rs 80. The public issue opened for subscription on September 6, 2023, and closed on September 8, 2023.

The SME IPO was oversubscribed 690 times. Investors bought 49.67 crore equity shares in three days starting from September 6 against the offer size of 7.2 lakh shares, resulting in a subscription of 689.92 times, as per the data available on the BSE. The number of shares bid totals to Rs 3,973.95 crore against the total IPO fundraising of Rs 5.76 crore.

Retail investors bought 1,044.8 times their allotted quota, while high net-worth individuals (HNIs) and other investors bought 14.15 crore shares up 416.2 times their reserved portion.

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The company has raised Rs 5.76 crore via IPO. Out of 7.2 lakh shares, Kahan Packaging had reserved 40,000 equity shares for the market maker and the remaining 6.8 lakh shares were divided among retail investors and HNIs with a 50:50 ratio, i.e. 3.4 lakh shares.

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The polypropylene (PP) & high-density polyethylene (HDPE) woven fabric manufacturer provides customised bulk packaging solutions to business-to-business (B2B) manufacturers. It caters to agro-pesticides, cement, chemical, fertilizer, and food products industries.

Post listing, Kahan Packaging stock jumped nearly 100% and hit an intraday high of Rs 159.60. Meanwhile, the 30-share BSE Sensex rose 160 points or 0.24% to Rs 67,679.47 in the early morning trade.

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