Konstelec Engineers IPO: Issue Booked 341 Times on Final Day, Retail Portion Subscribed 437 Times

Konstelec Engineers Limited opened its initial public offering (IPO) for subscription on January 19, 2024, and the issue will remain open until January 23, 2024. This IPO, valued at Rs 28.7 crore, is entirely a fresh issue comprising 41 lakh shares. The company has set the price band for the offer at Rs 66 to Rs 70 per share. Investors have the option to bid for a minimum of 2,000 shares and in multiples thereafter. Konstelec Engineers is expected to list on the NSE SME platform on January 29.

About the company

Konstelec Engineers Limited is an EPC company, providing cutting-edge services and solutions in the Electrical, Instrumentation, and Automation space. It plans to grow both organically and inorganically, through strategic tie-ups and joint ventures – both locally and globally, especially in the Middle East and North Africa region.

At the end of the day on January 24, 2024, investors subscribed to the Konstelec Engineers IPO 341.80 times. The retail portion received a subscription of 437.67 times, the Qualified Institutional Buyers (QIB) portion was subscribed 113.80 times, and the Non-institutional Investors (NII) portion was booked 421.36 times.

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Price Band

The company has set the price band for the offer at Rs 66 to Rs 70 per share.

Issue Size

The IPO is entirely a fresh issue of 41 lakh shares.

Lot Size

Investors can bid for a minimum of 2,000 shares and in multiples thereof.

IPO Reserve Portion

• Qualified Institutional Buyers: 7,78,000 shares or 18.98 percent
• Non-institutional Investors: 5,86,000 shares or 14.29 percent
• Retail Investors: 13,64,000 shares or 33.27 percent
• Anchor Investors: 11,66,000 shares or 28.44 percent

Objectives of the Issue

The company will utilize the proceeds from the IPO to fulfill capital requirements, settle issue expenses, and allocate the remaining funds towards general corporate purposes.

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