The Initial Public Offering (IPO) of the Kay Cee Energy & Infra Limited (KCEIL) has become the most subscribed SME IPO in recent years. The IPO was subscribed overall 1,052.55 times with a rarely seen demand from the non institutional investors and retail investors not much behind. The retail portion was subscribed 1,311.10 times whereas the Non-institutional Individuals (NIIs) portion was subscribed 1,669.42 times. The Qualified Institutional Buyers (QIBs) subscribed 127.71 times to the issue.
Combined, the investors placed bids for about 206.29 crore shares against 19.6 lakh shares on offer according to the NSE subscription status data. A total of 6.43 lakh applications were received for the IPO. The total bids amounts to Rs 11,139 crore, against the IPO size of 15.93 crore.
The subscription numbers of the Kay Cee Energy & Infra Limited IPO beat the previous high of Trident Techlabs that was subscribed 763 times. Kay CEE IPO is among the list of rare SME IPOs wherein Non-institutional investors subscribed over 1,000 times. The list only includes Trident Techlabs and Kahan Packaging Limited with NII portion subscriptions at 1059 times and 1042 times respectively.
Since its inception as a private limited company in 2015, Kay CEE Energy & Infra has been a prominent player in the Engineering, Procurement, and Construction (EPC) services sector with a specialised focus on EHV power transmission lines. The company has over 15 projects in hand with a total order book value of Rs 549 crore, according to the reports. The company also had 3 projects worth Rs 362 crore from the Rajasthan Rajya Vidyut Prasaran Nigam which it will execute in collaboration with Jost’s Engineering company. The company proposes to use the funds from the issue towards meeting working capital requirements and general corporate expenses.
The KCEIL IPO was open for subscription between December 28, 2023 to January 02, 2024. The company will list on the NSE Emerge platform on January 05, 2024.
