Knack Packaging, which launched its initial public offering on July 1 will close for subscription today, July 3. The Rs 439.50 crore mainboard issue was subscribed over 7 times on day 2, with investors bidding for 13,68,24,424 shares against the 1,89,64,018 shares on offer.
The Gujarat-based Knack Packaging is an integrated packaging solutions provider. Knack Packaging (founded in 1993) manufactures flexible industrial packaging. The company specialises in BOPP laminated PP woven bags, pinch bottom bags, and woven sacks heavily used for bulk agricultural and consumer goods like rice, cement, and pet food.
Amid the investor interest, the grey market premium for the mainboard IPO has continued to remain strong. The unlisted shares of the company were trading at a premium in the grey market, indicating positive listing gains when the stock debuts next week.
Here's all you need to know about Knack Packaging IPO including the latest GMP, subscription status, price band, allotment and listing date.
Knack Packaging IPO GMP Today
Knack Packaging IPO GMP stood at Rs 29 on July 3. Given its price band cap of Rs 170, the shares are anticipated to debut at Rs 199 (cap price + today's GMP). This means that the expected gain per share is 17.06%.
Note: GMP does not represent official data and is based on speculation.
Knack Packaging IPO Details
The IPO is a combination of fresh issue of 2.24 crore shares aggregating to Rs 380.00 crores and offer-for-sale (OFS) of 35 lakh shares aggregating to Rs 59.50 crores.
The company has set a price band of this issue at Rs 161 to Rs 170. Retail investors can participate by bidding for at least one lot, comprising 88 shares and amounting to Rs 14,960 (based on upper price).
Systematix Corporate Services Ltd., IDBI Capital Markets & Securities Ltd., Pantomath Capital Advisors Pvt. Ltd. are the book-running lead managers for the public issue.
Knack Packaging IPO Day 3 Subscription Status
The IPO has been subscribed 11:36 times as of 10:39 AM on Friday, with 21,53,82,112 bids recieved for 1,89,64,018 shares on offer
- QIB: 3.5 times
- NII: 33.77 times
- RII: 6.29
Knack Packaging IPO Allotment And Listing Date
The share allotment status for the Knack Packaging IPO will take place on July 6, with a tentative listing date set for July 8 on NSE and BSE.
Use Of Proceeds
The company said it will use the proceeds from the fresh issue to establish a manufacturing facility at Borisana in Kadi, Mehsana district, Gujarat. The remaining funds will be used for general corporate purposes.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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