Kahan Packaging sees bids of over 1,000 times from retail investors

Retail investors have gone crazy over IPO of Kahan Packaging. The public issue of this little-known Mumbai based firm that manufactures polymer-based woven products saw bids over 1,000 times, precisely 1,044 times from retail investors. Non-institution investors portion received bids for 405.59 times.

The issue came out with a fixed price of ₹80 a share.

Against an offer of 7.20 lakh shares, the IPO received bids for 49.67 crore shares or 730.50 times; for ₹5.76 crore, the issue generated a response of whopping ₹3,974 crore.

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According to Chittogarh.com, the company nearly received 2.35 lakh applications, over 1,100 times. The stock will be listed at the BSE-SME. Of late, IPO at SME platforms generae a strong response from retail investors. The market lot was 1,600 shares.

Of the total issue of 7.2 lakh shares, the Mumbai-based company had reserved 40,000 shares to market maker. Of the remaining 6.8 lakh shares, 50 per cent each was reserved for retail investors and NIIs.

Some of the SMEs that saw overwhelming response in recent times included Basilic Fly, Srivari Spices, CPS Shapers, SunGarner Energies, Bondada Engineering, Srivari Spices and Oriana Power.