Akanksha Power and Infrastructure Ltd. Commences Trading on NSE SME, Shows a Strong Debut

Akanksha Power and Infrastructure Ltd. Commences Trading on NSE SME, Shows a Strong Debut

VoM News Desk | January 3, 2024 | 10:56 AM IST | Breaking News | Follow on Google News

Akanksha Power and Infrastructure Ltd. Commences Trading on NSE SME, Shows a Strong Debut

Akanksha Power and Infrastructure Ltd. Commences Trading on NSE SME, Shows a Strong Debut

Today, on the NSE SME platform, Akanksha Power and Infrastructure Ltd. made a compelling entry with its share price listed at ₹62, a remarkable 12.72% surge above its initial issue price of ₹55.

The IPO subscription for Akanksha Power and Infrastructure opened on December 27 and concluded on December 29. Priced in a band of ₹52 to ₹55, the lot size consisted of 2,000 shares, allowing investors to bid for multiples of 2,000 shares.

This company specializes in producing vacuum contractors, transformers, and switchboards tailored for use in various sectors such as utilities, industries, and educational institutions. The IPO, valued at ₹27.49 crore, exclusively featured a fresh issue of 4,998,000 equity shares, without any offer for sale (OFS) component, as per the RHP (Red Herring Prospectus).

The IPO’s primary objectives include fulfilling the company’s working capital necessities, addressing capital expenditure requirements, attending to general corporate purposes, and covering issue expenses. Link Intime India Private Ltd serves as the IPO registrar, while Narnolia Financial Services Ltd operates as the book running lead manager. Nikunj Stock Brokers and Ss Corporate Securities are the market makers in charge of managing the IPO.

The grey market premium (GMP) for Akanksha Power IPO has remained steady at +10 for the past five sessions, indicating a premium of ₹10 in the grey market, reflecting investors’ willingness to pay more than the IPO price. Considering this trend, the estimated listing price for Akanksha Power shares might reach around ₹65, marking an 18.18% hike over the IPO price of ₹55.

However, as per investorgain.com analysts, the GMP in the grey market is showing a downward trend, expecting a further decline. The grey market activities over the past 13 sessions have demonstrated fluctuations, with the lowest GMP recorded at ₹10 and the highest at ₹15.

VoM News Desk

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