NSE SME K2 Infragen powers up on debut
08-Apr-2024
The scrip was listed at Rs 167, a premium of 40.34% compared with the initial public offer (IPO) price. The stock is currently frozen at its upper limit of 5% over its listing price.
The counter hit a high of Rs 175.35 and a low of Rs 158.65. About 16.93 lakh shares of the company changed hands at the counter.
K2 Infragen's IPO was subscribed 33.46 times. The issue opened for bidding on 28 March 2024 and it closed on 3 April 2024. The price band of the IPO was fixed at Rs 111 to Rs 119 per share.
The IPO comprised fresh issue of 34,06,800 equity shares. The promoter and promoter group shareholding diluted to 40.36% from 55.29% pre-IPO.
The company intends to utilize the net proceeds to meet working capital requirement, acquisition of plant and machinery and general corporate purpose.
Ahead of the IPO, K2 Infragen on 27 March 2024, raised Rs 11.26 crore from anchor investors. The board allotted 9.46 lakh shares at Rs 119 per share to 5 anchor investors.
K2 Infragen, an EPC firm specialising in power and project engineering, builds across 8 Indian states. Their services include design, construction, and post-construction for clients, with a team of 61 employees.
The company recorded revenue from operations of Rs 59.38 crore and net profit of Rs 6.07 crore for the period as on 30 September 2023.