Kalahridhaan Trendz: On February 23, fabric manufacturer Kalahridhaan Trendz debuted on the NSE SME platform, trading at a 4.7 percent premium above the issue price. The stock opened at Rs 47.15, exceeding the issue price of Rs 45.
Before the listing, the share was trading at a 6.6 percent premium in the grey market, an unofficial ecosystem in which shares begin trading before the allotment in the IPO and continue until the listing day. Most investors use the gray market premium to estimate the listing price.
The deal was taken up eight times, with the retail portion booked nine times. The initial public offering began for subscriptions on February 15 and ended on February 20. The company raised Rs 22.49 crore in its initial public offering. The sale included a new issue of 49.98 lakh shares.
Interactive Financial Services served as the book-running lead manager, Bigshare Services as the registrar, and Sunflower Broking as the market maker for the offering.
The funds will be used to cover the company’s working capital requirements as well as other business objectives.
Kalahridhaan Trendz makes and trades embroidered fabrics, trades grey fabrics, buys grey fabrics, and prints and dyes suiting, shirting, and dress fabrics for the B2B marketplace. The company has a production unit in Ahmedabad, Gujarat.
