Kanohar Electricals IPO reaches 10.22x subscription level by Day 2 end
Investors heavily subscribed to the Kanohar Electricals IPO, with retail demand exceeding 8 times and grey market premiums signaling significant upside before listing.
The Kanohar Electricals IPO reached a subscription level of 10.22 times by the end of its second day, marking strong investor interest in the book-built issue. Retail individual investors alone subscribed to 8.49 times, while demand remained robust overall for the 1.16 crore shares offered at Rs 601 to Rs 632 per share. A grey market premium (GMP) of approximately 35% was noted ahead of trading on national exchanges. The final day of bidding concluded on September 10, 2026, following a September 8 start date, with allotment expected by September 11 and tentative listing scheduled for September 16, 2026. Nuvama Wealth Management Limited and IIFL Capital Services Limited served as book-running lead managers. The company issued fresh shares worth Rs 300 crore alongside an offer for sale totaling Rs 755.74 crore, with each lot comprising 23 shares.
