Unlisted shares of Kalana Ispat Ltd are trading Rs 35 higher in the grey market, signalling a 53.03 per cent listing gain from the public issue.
Kalana Ispat IPO: The initial public offering of Kalana Ispat Ltd, which was opened on September 19, has received a subdued response so far. The price of the Rs 32.59-crore SME IPO has been fixed at Rs 66 per share for the public issue. Till 11:18 am on the second day of bidding on Friday, the IPO received a 1.73 times subscription garnering bids for 81,14,000 shares as against the 46,90,000 shares on offer.
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The category for non-institutional investors received 0.37 times subscription, while the portion for retail individual investors (RIIs) got subscribed 3.09 times.
The IPO will be closed on September 23.
Kalana Ispat Limited, which was incorporated in October 2012, is primarily involved in manufacturing MS Billets and Alloy Steel Billets of various grades. The company’s business can be divided into two segments — sale of Products, and Sale of Services.
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Kalana Ispat IPO: Key Dates
The IPO is available for public subscription between September 19 and September 23. The share allotment of the Kalana Ispat IPO will likely be finalised on September 24, while its shares will be listed on the NSE SME on September 26.
Kalana Ispat IPO: Price Band
The price of the Rs 32.59-crore IPO has been fixed at Rs 66 per share for the public issue.
Kalana Ispat IPO: GMP Today
According to market observers, unlisted shares of Kalana Ispat Ltd are trading Rs 35 higher in the grey market than its issue price. The Rs 35 grey market premium or GMP means the grey market is expecting a 53.03 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Kalana Ispat IPO: More Details
The company’s Rs 32.59-crore initial public offering (IPO) will be available for public subscription from September 19 to September 23 at the price of Rs 66 per share.
The IPO comprises a fresh issue of 49.38 lakh equity shares.
Kalana Ispat IPO price is ₹66 per share. The minimum lot size for an application is 2000 Shares. The minimum amount of investment required by retail investors is ₹132,000. The minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to ₹264,000.
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Jawa Capital Services Private Limited is the book running lead manager of the Kalana Ispat IPO, while Skyline Financial Services Private Ltd is the registrar for the issue. The market maker for Kalana Ispat IPO is Aftertrade Broking.
Kalana Ispat Limited’s revenue declined 11 per cent and its profit after tax (PAT) rose 373 per cent in the financial year 2023-24.
