Shares of transformer manufacturer Kanohar Electricals Ltd on Wednesday <a href="https://www.mid-day.com/business/business-news/article/pranav-constructions-shares-jump-33-per-cent-in-market-debut-trade-23650091" target="_blank" rel="none noopener">listed with a premium</a> of over 8 per cent against the issue price of Rs 632.
The stock started trading at Rs 672.05, up 6.33 per cent from the issue price on the BSE. At the NSE, the stock made its market debut at Rs 685.50, a premium of 8.46 per cent.
The company's market valuation stood at Rs 5,889.12 crore.
The Rs 1,056 crore initial share sale of Kanohar Electricals was subscribed 90.59 times on the final day of bidding on Thursday last week.
The company had fixed a price band of Rs 601-632 per share for its IPO.
Kanohar Electricals Ltd had <a href="https://www.mid-day.com/business/business-news/article/kanohar-electricals-raises-rs-317-crore-from-anchor-investors-23648938" target="_blank" rel="none noopener">raised Rs 317 crore from anchor investors.</a>
The Rs 1,056 crore IPO had a fresh issue of shares worth up to Rs 300 crore and an offer for sale of up to 1.2 crore shares, valued at Rs 756 crore at the higher end of the price band, by promoter K Sons Family Trust.
The company plans to use Rs 64.1 crore from the fresh issue towards capital expenditure requirements, including purchasing machinery and equipment for its Gangol manufacturing facility, expanding and automating backward integration facilities, civil construction and interior development of an office building, and sustainability initiatives.
Another Rs 155 crore will be used to fund incremental working capital requirements, with the remaining proceeds earmarked for general corporate purposes.
Kanohar Electricals is one of the leading domestic transformer manufacturers, catering to sectors, including power transmission, railways, renewable energy and power distribution.
The company operates through two segments; transformer manufacturing and <a href="https://www.mid-day.com/business/business-news/article/celigall-india-jvs-bags-rs-2423crore-order-for-road-construction-on-nh913-in-arunachal-pradesh-23645733" target="_blank" rel="none noopener">Engineering, Procurement and Construction (EPC)</a>.
Its EPC business includes turnkey projects for substations and transmission lines, as well as the installation of air-insulated and gas-insulated substations, bay augmentation and transmission lines.
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The stock listed at Rs 672.05, up 6.33 per cent from the issue price on the BSE, while on NSE it listed at a premium of 8.46 per cent at  at Rs 685.50

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The stock started trading at Rs 672.05, up 6.33 per cent from the issue price on the BSE. At the NSE, the stock made its market debut at Rs 685.50, a premium of 8.46 per cent

Kanohar Electricals stock lists at over 8 per cent premium in market debut

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