KP Green Engineering Limited’s SME IPO to open on March 15th

Ahmedabad: Gujarat-based KP Green Engineering Limited, manufacturer of hot-dip galvanized steel structures, has fixed the price band of Rs 137/- to Rs 144/- per Equity Share of face value Rs 5/- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Friday, March 15th, 2024, for subscription and close on Tuesday, March 19th, 2024. Investors can bid for a minimum of 1000 Equity Shares and in multiples of 1000 Equity Shares thereafter, the company annonced today.

“The issue consists of a fresh issue of up to 1,31,60,000 equity shares with “NO Offer for Sale” (OFS) – from promoter and promoter group. The Issue is being made through the Book Building Process, wherein not more than 50% of the Net Issue shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Net Issue shall be available for allocation to Non-Institutional Investors and not less than 35% of the Net Issue shall be available for allocation to Retail Individual Bidders,” the company said in a statement.

The overall project cost of the manufacturing facility is Rs. 174.04 crores. Out of the total net proceeds to be raised through the offer, the company proposes to utilise up to Rs 156.14 crores against the object “Part finance the capital expenditure towards setting up of a new manufacturing unit to expand its current production capabilities as well as expanding its current product portfolio”

“KP Green Engineering Limited, a flagship company of KP Group, established by Dr. Farukbhai Gulambhai Patel, in 1994, KP Group has completed more than 25 years of its successful operations. The company has more than 30+ entities in its fold throughout India for organizational growth. KP Group also has more than 15+ years of experience in renewable energy sector,” the statement added.

According to the official statement, “Beeline Capital Advisors Private Limited is the sole book-running lead manager. The equity shares are proposed to be listed on the BSE SME Platform.”