Kahan Packaging received over Rs 1,000 crore subscription from retail investors and its share price doubled on the day of its listing on BSE-SME on Friday. The stock was listed at Rs 152 against its IPO price of Rs 80 and rose a further 5% to Rs 159.60.
The little-known Mumbai company’s public offering saw more than 1,044 bids from retail investors. The non-institutional investor portion received bids of 405.59 times. There were 690 subscriptions in this issue.
strong reaction
Kahan Packaging raised Rs 576 crore through IPO. The company plans to use the net proceeds from the offering to fund working capital needs and general corporate purposes.
Kahan Packaging successfully completed its public offering on September 8, becoming the 453rd company to be listed on the BSE-SME platform.
The company provides bulk packaging solutions to business-to-business manufacturers in diverse industries such as agro-pesticides industry, cement, chemicals, fertilizers and food.
Kahan Packaging manufactures and supplies Polypropylene/High Density Polyethylene (HDPE) woven fabric laminates, HDPE/PP woven bags, unlaminated woven fabrics, PP woven bags, lined PP woven bags, printed layers for flexible packaging Pressed materials, woven polymer based materials are produced in different weights, sizes and colors according to customer specifications.
