look news india
Trends Of Discover, New Delhi: The stock market is continuously making records these days. Last week Nifty crossed the 20,000 mark for the first time. During the week, both the major domestic indices BSE Sensex and NSE Nifty reached new record highs. The IPO market is also benefiting from this and companies are continuously bringing initial offers in the market.
The size of this IPO is small
The packaging company’s IPO size was Rs 5.76 crore and the issue comprised 7.2 lakh equity shares. The company had fixed the issue price of Rs 80 per share for the IPO and had 1600 shares. Thus, the investor required at least Rs 1.28 lakh to place a bid. Even though the lot price was so high, it was immediately subscribed.
Listing at 90 percent premium
The company also created another record as soon as it was listed in the market after the IPO. Shares of Kahan Packaging were listed at Rs 152, a whopping premium of 90 per cent against the issue price of Rs 80. This means that IPO investors made 90 percent profit as soon as they were listed. After listing, upper circuit was also imposed on the share and thus the total return reached 100 percent. This means that the money of IPO investors doubled on the very first day.
This IPO surprised
Almost all the IPOs that have hit the market recently have received good response from investors, but some of them have broken all records. Kahn Packaging has an IPO. This IPO has done something which is surprising. As soon as the IPO opened, the first investors rushed to buy it and after that when the shares were listed in the market, perhaps it became a record which had never happened before!
Membership records
Kahn Packaging IPO opened for subscription on 6 September and remained open till September 2017. Post-IPO allotment of shares was finalized on 13 September followed by listing of shares on 15 September. Shares of Kahan Packaging were listed on the BSE SME platform. The IPO was oversubscribed 700 times. This is the strongest subscription any SME IPO has ever received.
