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Kalana Ispat’s Disappointing Stock Market Debut, Falls Short of Expectations on NSE SME – Find Out Why!

Kalana Ispat shares had a weak stock market debut on September 26, listing at Rs 45, 32% below the issue price of Rs 66 per share on the NSE SME platform.
Kalana Ispat's Disappointing Stock Market Debut, Falls Short of Expectations on NSE SME - Find Out Why!

Kalana Ispat shares debuted weakly on September 26, listing at Rs 45, a 32% discount from the issue price of Rs 66 on the NSE SME platform, aligning with grey market estimates of no premium trading.

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The Rs 32.6-crore public offer, a fresh issue of 49.4 lakh shares, saw strong demand, being subscribed 60 times. Retail investors led with 74.26 times subscription, while non-institutional investors bought 40.65 times their reserved quota.

Kalana Ispat Limited was established as a private company in 2012 and became a public limited company in March 2024. It manufactures and sells M.S. Billets and Alloy Steel Billets and trades iron scrap, ore, and ingots. The company plans to install a solar plant in Banaskantha for captive power, using INR 22.99 crores from IPO proceeds.

The objective of Kalana Ispat’s IPO is primarily to raise capital for the company’s business expansion, working capital requirements, and general corporate purposes. These funds will help the company grow and strengthen its financial position.

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