Kahan Packaging, which saw over ₹1,000 crore subscription from retail investors, doubled on listing day on the BSE-SME on Friday. The stock listed at ₹152 against IPO price of ₹80 and further rose 5 per cent at ₹159.60.
The public issue of this little-known Mumbai based firm saw bids over 1,044 times from retail investors. Non-institution investors portion received bids for 405.59 times. The issue was subscribed 690 times overall.
Strong response
Kahan Packaging raised ₹5.76 crore through the IPO. The company plans to use the net proceeds from the offering to meet working capital requirements, and general corporate purpose.
Kahan Packaging became the 453rd company to get listed on the BSE-SME Platform, after successfully completing its public issue on September 8.
The company provides bulk packaging solutions to business-to-business manufacturers catering to different industries such as the agro-pesticides industry, cement, chemical, fertiliser and food products.
Kahan Packaging manufactures and supplies Polypropylene/High-Density Polyethylene (HDPE) Woven Fabric-Laminated, HDPE/PP woven sacks, Woven Fabric-Unlaminated, PP Woven Bag, PP Woven Bag with Liner, Printed Laminates for Flexible Packaging, woven polymer-based products of different weight, sizes and colors as per customer’s specifications.