KSH International Garners Rs 213 Crore From Anchor Investors Ahead Of IPO
Five domestic mutual funds have applied through eight schemes and collectively netted 74.65% of the anchor portion after being allotted close to 41.4 lakh equity shares.
KSH International Ltd. raised Rs 213 crore from anchor investors on Monday, ahead of its initial public offering. The company allotted 55.46 lakh equity shares at Rs 384 per equity share to 13 anchor investors.
HDFC Mutual Fund got the highest allocation of 18.78% or 10.41 lakh shares. Kotak Infrastructure and Economic Reform Fund got the second highest allotment of 14.08% or close to 7.81 lakh shares. At the third place was Kotak Mahindra Trustee Company with an allotment of 11.74% or approximately 6.51 lakh shares.
Five domestic mutual funds have applied through eight schemes, the manufacturing company said in an exchange filing on Monday. They have collectively netted 74.65% of the anchor portion after being allotted close to 41.4 lakh equity shares.
The five MFs are as follows — HDFC Mutual Fund, Kotak Infrastructure and Economic Reform Fund, Kotak Mahindra Trustee Company, LIC MF Large and Mid cap fund, ITI Flexi Cap fund, ITI value fund, and Bank of India small cap Fund.
Some of the marquee institutions that participated in the anchor include HSBC Global Investment Funds-Asia ex Japan equity Smaller Companies, Societe Generale-ODI, Kotak Mahindra Life Insurance Company and Edelweiss Life Insurance Company.
ICICI Securities and Nuvama Wealth Management are the book-running lead managers; and MUFG Intime India Private Ltd. is the registrar of the offer.
About KSH International IPO
KSH International Ltd.'s IPO will open for subscription on Dec. 16 and close on Dec. 18. Price band for the IPO has been set at Rs 365-384 per share.
The IPO is a combination of a fresh issue of shares worth Rs 420 crore and an offer for sale of Rs 290 crore by promoters Kushal Subbayya Hegde, Pushpa Kushal Hegde, Rajesh Kushal Hegde and Rohit Kushal Hegde.
Proceeds from the fresh issue to the extent of Rs 225.98 crore will be used for payment of debt, Rs 90.06 crore will be used to set up new machinery for expansion at its Supa facility and purchasing and setting up of new machinery at Chakan, Pune in Maharashtra.
The company also plans to use Rs 10.41 crore for setting up of a rooftop solar power plant at its Supa facility and a portion will be used for general corporate purposes.
About The Company
KSH International, a part of the KSH group, commenced its operations in 1981 by manufacturing magnet winding wires in Raigad, Maharashtra, and in the last four decades, diversified its operations to manufacturing various types of standard and specialised magnet winding wires. It markets and sells its products through its brand 'KSH'.
