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Kanohar Electricals IPO GMP rises 36% on last bidding day
The IPO is priced at ₹601 to ₹632 per share, and the grey market premium implies an estimated listing price of ₹857, 35.6% above the top of the range.
Kanohar Electricals’ initial public offering opened for subscription on September 8 and is set to close on September 10, with the issue priced in the ₹601 to ₹632 per equity share band, according to LiveMint Markets. The company’s IPO lot size is 23 shares, with bids allowed in multiples of 23 thereafter.
The grey market premium stood at +225, pointing to an estimated listing price of ₹857 per share based on the upper end of the price band, which is 35.6% higher than ₹632. LiveMint Markets also reported the GMP has fluctuated between ₹0.0 and ₹225 over the past 11 sessions, with the premium trending upward on the day covered by the report.
Subscription demand was running at 20.91 times on day 3, with the retail portion subscribed 14.20 times and the NII portion booked at 51.10 times, while QIBs received 10.03 times bids, as per BSE data cited by LiveMint Markets. The report said bids totaled 24,45,65,072 shares against 1,16,93,326 crore shares by 12:57 IST.
Analysts cited by LiveMint Markets said Kanohar Electricals offers exposure to India’s power transmission and distribution growth, backed by grid investments, renewable integration, and rising demand for high voltage transformers. They also flagged valuation support and risks, including customer concentration and transformer dependence, noting transformers account for 83% of FY26 revenue and citing FY26 revenue growth of 45% to ₹653.