IPO
Transformer maker Kanohar Electricals’ Rs.1,056-Cr IPO gets 38x times subscription
Business Line Kanohar Electricals
Meerut-based Kanohar Electricals’s initial public offering (IPO) crossed 37.86 times subscription. The issue was subscribed 50.48 times by qualified institutional buyers (QIBs), 71.03 times by non-institutional investors (NIIs) and 16.44 times by retail investors.The book-built issue is valued at INR 1,055.74 crore, consisting of a fresh issue of 47.47 lakh shares worth INR 300 crore and an offer for sale of 1.20 crore shares worth INR 755.74 crore. The company had previously raised INR 317 crore from anchor investors. The IPO is managed by book-running lead managers Nuvama Wealth Management and IIFL Capital Services.Founded in 1972 by Seth Kanohar Lal, Kanohar Electricals is a transformer manufacturer serving the power transmission, railways, renewable energy and power distribution sectors.The company intends to use the proceeds from the fresh issue to fund capital expenditure requirements of INR 64.18 crore and meet incremental working capital requirements of INR 155 crore.
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