Kanohar Electricals launched its initial public offering (IPO) on September 8, with a price band fixed between ₹601 and ₹632 per share. The IPO will remain open until September 10 and is expected to list at an estimated price of ₹828. The issue allocates 50% of shares to qualified institutional buyers (QIBs), 15% to non-institutional investors (NIIs), and 35% to retail investors, according to livemint.com.
The IPO has seen a significant grey market premium (GMP) jump of 31% on its first day, with the GMP reaching +196, signaling strong investor interest ahead of the subscription deadline. The price band and allocation details were disclosed by the company as part of the public offering process. The GMP reflects the premium investors are willing to pay over the issue price in unofficial markets, suggesting positive market sentiment toward Kanohar Electricals.
Kanohar Electricals operates in the electrical equipment sector, a segment that has attracted considerable investor attention recently. The IPO’s pricing and allocation strategy align with market trends where institutional investors receive half the shares, ensuring robust participation from large funds. The estimated listing price of ₹828 implies a substantial premium over the upper price band, indicating expectations of strong post-listing performance compared to other recent IPOs in the sector.
The IPO subscription window closes on September 10, after which the company will finalize allotments and proceed with the listing process. Market participants will closely watch the subscription levels across investor categories to gauge demand. Kanohar Electricals’ listing is anticipated to be a key event in the electrical equipment space this quarter, with the final listing date to be announced following the closure of the issue.