Konstelec Engineers IPO Attracts Strong Subscription Ahead of Closing

VoM News Desk | January 24, 2024 | 02:37 PM IST | Breaking News |

Konstelec Engineers IPO Attracts Strong Subscription Ahead of Closing/Company Website

Konstelec Engineers IPO Attracts Strong Subscription Ahead of Closing

Konstelec Engineers IPO opened for subscription on January 19 and is set to close on January 24.
The IPO price band is ₹66 to ₹70 per share, with a lot size of 1,000 shares and a minimum bid of 2,000 shares.
The issue has garnered significant interest, with a subscription status of 240.69 times on day 3.
Retail investors have subscribed 351.47 times, non-institutional buyers 247.42 times, and QIBs 41.39 times.
Konstelec Engineers has a robust order book of ₹5,730 million and is executing projects worth ₹400 crore.

Grey Market Premium and Estimated Listing Price

The grey market premium (GMP) for Konstelec Engineers IPO is +90, indicating strong demand.
The estimated listing price is around ₹160, a substantial premium over the upper end of the IPO price band.
The GMP suggests investors’ willingness to pay more than the issue price in the grey market.

Brokerage Recommendation

Arihant Capital Markets Ltd. recommends “Subscribe for Long Term” for the Konstelec Engineers IPO.
The company’s order book, customer-centric approach, and growth prospects contribute to a positive outlook.

The strong subscription and positive market indicators suggest favorable investor sentiment towards Konstelec Engineers IPO.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.