Kay Cee Energy & Infra Limited has hit the financial headlines with its spectacular debut on the National Stock Exchange’s SME platform. The Initial Public Offering (IPO), which welcomed subscriptions from December 28 to January 2, has left investors in awe, boasting an unprecedented 1,052.45 times subscription status on day 4.
The pricing strategy for the IPO ranged between ₹51 to ₹54, and Kay Cee Energy & Infra chose to go for an all-fresh issue of 2,950,000 equity shares, excluding any offer for sale (OFS) component. Investors were allowed to bid for a minimum of 2,000 shares, and in multiples thereof, with each lot size being set at 2,000 shares.
The overwhelming response from investors is evident in the subscription figures, with retail investors showing a remarkable 1,311.10 times subscription and non-institutional buyers following suit at 1,668.97 times. Qualified Institution buyers demonstrated their keen interest with a subscription rate of 127.71 times. The total bids received reached an astonishing 2,06,28,08,000 shares, far surpassing the offering of 19,60,000 shares.
Kay Cee Energy & Infra shares made their grand entrance on the NSE SME platform, opening at ₹252 per share – a staggering 366.67% premium compared to the issue price of ₹54. The grey market premium (GMP) for Kay Cee Energy IPO was reported at +90, signifying a trading premium of ₹90 in the grey market. Considering this, the estimated listing price of each share is ₹144, a significant 166.67% increase from the IPO price.
The net proceeds from the IPO, totaling ₹15.93 crore, have been allocated for general corporate purposes and to fuel the company’s working capital needs. Bigshare Services Pvt Ltd takes on the role of registrar for the IPO, with GYR Capital Advisors Private Limited as the book running lead manager, and Giriraj Stock Broking acting as the market maker.
This triumphant debut underscores the trust and confidence investors have placed in Kay Cee Energy & Infra Limited. The robust subscription figures and impressive listing performance position the company as a key player in the energy and infrastructure sector. As the market dynamics continue to evolve, such success stories contribute to the excitement and dynamism surrounding IPOs.