Meerut-based electrical equipment manufacturer Kanohar Electricals’ initial public offering of Rs 1,056 crore, which opened today, September 8, has been fully booked within just a few hours of opening.
The issue was subscribed 2.70x on its very first day of bidding, with the retail and non-institutional investor segments fully subscribed.
The company has fixed its share price band at Rs 601 to Rs 632 per share, and its stock is trading in the unlisted markets at a premium of 31%. The electric equipment maker raised Rs 316.72 crore via anchor bidding.
| Kanohar Electricals IPO | Details |
| IPO size | Rs 1,056 crore |
| Price band | Rs 601–Rs 632 per share |
| Bidding window | September 8–10, 2026 |
Kanohar Electricals IPO: Offer Size and Lead Managers
Of the total float, the company will raise Rs 300 crore through the issuance of 47.47 lakh fresh shares of Rs 2 each, while Rs 755.74 crore will be raised through the offer for sale route, as K Son Family Trust, the promoter selling shareholder, will offload 1.20 shares.
The IPO is being handled by Nuvama Wealth Management and IIFL Capital Services, while MUFG Intime India is the registrar to the issue.
Kanohar Electricals IPO: NII and retail applications see strong participation
The IPO was subscribed by 2.70x on day one, receiving bids for 3.15 crore shares against its offer of 1.16 crore shares. The NII segment is witnessing strong demand as the portion has been oversubscribed 4.87x.
The retail individual investors segment, too, has been oversubscribed at 3.29x, while the qualified institutional buyers so far have received minimal bids aggregating to a subscription of 0.03x.
| Investor Category | Subscription (Day 1) |
| Qualified Institutional Buyers (QIBs) | 0.03x |
| Non-Institutional Investors (NIIs) | 4.87x |
| Retail Individual Investors (RIIs) | 3.29x |
| Overall | 2.70x |
Kanohar Electricals IPO: Lot size
Retail investors need to bid for a minimum of one lot comprising 23 shares, equating to an investment of Rs 14,536, while the upper cap for them is fixed at 13 lots.
Small high-net-worth investors need to bid for a minimum of 14 lots and a maximum of 68 in order to subscribe to the Kanohar Electrical IPO. While the lower cap for big-HNI can bid for a minimum of 69 lots.
Kanohar Electricals IPO: GMP at 32%
In the grey markets, shares of Kanohar Electricals are trading at a premium of Rs 205, reflecting a listing price of Rs 837. This translates into gains of 32.44% per share and an estimated profit of Rs 4,715 per lot.
But readers must know that GMP is highly vulnerable to market manipulation and does not guarantee gains. This is not an official metric, and sometimes the listing price can be very different.
Kanohar Electricals IPO: Subscription timeline
The issue will close its bidding window on September 10, while its share allotment process is expected to be completed by September 11. Investors shall be credited with shares and requisite refunds by September 15.
Kanohar Electricals is expected to hit the stock exchanges on September 16.