Akanksha Power and Infrastructure IPO opens for subscription; Check price band, issue size, GMP and other details
Akanksha Power and Infrastructure initial public offering (IPO) opened for subscription today, December 27 and will close on December 29. The company has set a price band at ₹52 to ₹55 per share.
Akanksha Power and Infrastructure IPO is a book-built issue of ₹27.49 crores and is entirely a fresh issue of 49.98 lakh shares.
The minimum lot size for an application is 2000 shares. The minimum amount of investment required by retail investors is ₹110,000, meanwhile, the minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to ₹220,000.
The allotment for the Akanksha Power and Infrastructure IPO is expected to be finalized on Monday, January 1, 2024. The shares will list on NSE SME with a tentative listing date fixed as Wednesday, January 3, 2024.
Narnolia Financial Services Ltd is the book running lead manager of the Akanksha Power and Infrastructure IPO, while Link Intime India Private Ltd is the registrar for the issue. The market makers for Akanksha Power and Infrastructure IPO are Nikunj Stock Brokers and Ss Corporate Securities.
The issue offers a total of 4,998,000 shares, including 948,000 (18.97%) reserved for QIB, 712,000 (14.25%) for NII, 1,660,000 (33.21%) for RII and 1,418,000 (28.37%) to Anchor investors.
The promoter of the company is Bipin Bihari Das Mohapatra and Chaitali Bipin Dasmohapatra.
The company had raised over ₹7.80 crore from anchor investors on December 26, a day before it opened for bidding. It finalized allocation of 14,18,000 equity shares, to Anchor Investors at an offer price ₹55/- per share, the company said in an exchange filing.
LC Radiance Fund VCC, Resonance Opportunities Fund, Moneywise Financial Services Private Limited and Nexus Global Opportunities Fund were the participants in the anchor investors bid held by the company.
Founded in July 2008, Akanksha Power and Infrastructure Limited manufactures electrical equipment such as switchboards, transformers and vacuum contactors for institutions, industries and utilities.
The company’s product portfolio includes manufacturing and supply of CT-PT, metering units, cubic automatic power correction panels (capacitor panels), fixed capacitor banks, motor control centre (MCC), power control centre (PCC), variable frequency drive (VFD) panels, thyristor switches and vacuum contactors.
Akanksha Power and Infrastructure Limited reported a decrease in its revenue by -10.8% and a rise in its profit after tax (PAT) by 20.58% between the financial year ending with March 31, 2023 and March 31, 2022.
Akanksha Power and Infrastructure IPO GMP today
As the issue opened for bidding today, the grey market premium (GMP) of the public offer rose to ₹25 per share on December 27 from ₹10 per share yesterday. According to data available on Chittorgarh, the listing price of the issue is expected to be ₹80 per share, which is 45.45% higher than the issue price.
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Published: 27 Dec 2023, 05:13 PM IST
