K2 Infragen had an impressive start on NSE SME today, with its shares opening at ₹167, marking a 40.34% increase from the issue price of ₹119.
The K2 Infragen IPO was open for subscription from March 28 to April 3. Priced between ₹111 to ₹119 per share, the IPO had a lot size of 1,200 equity shares.
Established in 2015, K2 Infragen Limited operates as an engineering, procurement, and construction (EPC) firm. It has two main divisions: EPC and Trading.
According to the red herring prospectus (RHP), K2 Infragen’s listed peers include Markolines Pavement Technologies Ltd, W S Industries (India) Ltd, Udayshivakumar Infra Ltd, and Advait Infratech Ltd.
In the fiscal year ending March 31, 2023, K2 Infragen witnessed a remarkable 463.79% increase in profit after tax (PAT) and a 103.25% growth in revenue compared to the previous year.
The K2 Infragen IPO, valued at approximately ₹40.54 crore, included a new issuance of 3,406,800 equity shares with a face value of ₹10 each. The proceeds from the IPO will be utilized for working capital needs, capital expenditures, and general corporate purposes.
Expert Global Consultants Private Limited served as the book running lead manager, while Kfin Technologies Limited acted as the registrar for the IPO. Rikhav Securities acted as the market maker.
As for the grey market, the K2 Infragen IPO’s grey market premium (GMP) stood at +63, indicating a premium of ₹63 per share. The anticipated listing price was proposed at ₹182 per share, which is 52.94% higher than the IPO price of ₹119. Grey market premium reflects investors’ willingness to pay more than the issue price.
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