The scrip was listed at Rs 252, a premium of 366.67% compared with the initial public offer (IPO) price. The stock was currently frozen in a lower limit of 5% over its listing price.
The counter hit a high of Rs 264.60 and a low of Rs 239.40. About 15.66 lakh shares of the company changed hands at the counter.
Kay Cee Energy & Infra's IPO was subscribed 699.32 times. The issue opened for bidding on 28 December 2023 and it closed on 2 January 2024. The price band of the IPO was fixed at Rs 51-54 per share.
The IPO comprised fresh issue of 29,50,000 shares. The company intends to utilize the net proceeds of issue for funding working capital requirements and general corporate purposes.
Ahead of the IPO, Kay Cee Energy & Infra on Wednesday, 27 December 2023, raised Rs 4.32 crore from anchor investors. The board allotted 8 lakh shares at Rs 54 per share to 2 anchor investors.
Kay Cee Energy & Infra engaged in providing specialized services of construction and commissioning of power transmission and distribution system including overhead and underground lines, substation construction, automation etc. to various government authorities and private entities. The firm’s service portfolio includes handling, erection, testing, commissioning of equipment and materials for power transmission & distribution System including lines, substation construction, automation, augmentation/ modification and extension of existing power system. It undertakes EPC projects for various government entities, including but not limited to Rajasthan Rajya Vidyut Prasaran Nigam (RRVPNL). As on 31 August 2023, the company has 339 employees on payroll.
The company recorded revenue from operations of Rs 9.55 crore and net profit of Rs 1.20 crore for the period as on 30 June 2023.