Kay Cee Energy & Infra Limited (KCEIL) made a blockbuster debut on the small and medium enterprises segment of the NSE today. The shares of the company opened at Rs 252 per share, a premium of 367% over the IPO price of Rs 54. During the intra-day, the shares reached a high of Rs 264 but were faring at Rs 239.40 at the time of this writing according to NSE Data.
The bumper listing is on the back of the strong subscriptions the IPO received when it was open between December 28, 2023 to January 02, 2024. The initial public offering of the Kay Cee Energy & Infra Limited had garnered record subscription numbers. The IPO was subscribed a total of 1052 times with retail portion at 1,311 times and NII portion at 1,669 times. It’s the first IPO in the history to surpass 1,000x subscription numbers and one of the few that were subscribed more than 1,000 times among non-institutional investors. The company sought to raise around 15.9 crore but received bids worth over Rs 16,774 crore.
The issue comprised of a fresh issue of 29.5 lakh shares aggregating to Rs 15.93 crore and there was no offer-for-sale component. The face value of each share was Rs 10 at a price band of Rs 51 to Rs 54 through a book-building process. The registrar Bigshare Services Pvt Ltd oversaw the basis of allotment that was finalised on January 03, 2024. The lot size was of 2,000 shares. The issue commanded a minimum investment of Rs 1.08 lakh for 1 lot.
According to the IPO documents, the company plans to utilise the net proceeds from the public issue to fund the working capital requirements of the company and general corporate purposes.
