Kanohar Electricals Powers Up For IPO, Raises ₹317 Crore From Anchor Investors Ahead Of Subscription Opening
Kanohar Electricals raised Rs 317 crore from 42 anchor investors ahead of its Rs 1,056 crore IPO, which opened September 8 at a price band of Rs 601-632.
Kanohar Electricals |
New Delhi: Transformer manufacturer Kanohar Electricals Ltd has raised Rs 317 crore from anchor investors ahead of its Rs 1,056 crore initial public offering (IPO), which opened for subscription on Tuesday, September 8.
The company allotted 50.11 lakh equity shares to 42 anchor investors at Rs 632 apiece, according to a circular uploaded on the BSE website.
The anchor book attracted several institutional investors, including ICICI Prudential Mutual Fund, HDFC Life Insurance Company, Kotak Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, HSBC Global Investment Funds, Allianz Global Investors Fund and Ashoka Whiteoak Emerging Markets Equity Fund.
Kanohar Electricals IPO Details
The Kanohar Electricals IPO will remain open from September 8 to September 10. The price band has been fixed at Rs 601-Rs 632 per share.
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The Rs 1,056 crore public issue consists of a fresh issue worth up to Rs 300 crore and an offer for sale of up to 1.2 crore shares by promoter K Sons Family Trust. At the upper price band, the OFS is valued at around Rs 756 crore.
Where Will IPO Proceeds Go?
Kanohar Electricals plans to spend Rs 64.1 crore from the fresh issue on capital expenditure, including machinery and equipment for its Gangol manufacturing facility, automation, backward integration and sustainability initiatives.
Another Rs 155 crore will be used to meet incremental working capital requirements. The remaining proceeds will be deployed for general corporate purposes.
Revenue More Than Doubles
Kanohar Electricals manufactures transformers for power transmission, renewable energy, railways and power distribution. It also operates an Engineering, Procurement and Construction business covering substations and transmission lines.
The company's revenue from operations jumped to Rs 653.83 crore in FY26 from Rs 276.6 crore in FY24. Net profit surged to Rs 129.7 crore from Rs 17.7 crore over the same period, highlighting strong growth ahead of its stock market debut.
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