Surat (Gujarat) [India], March 23: The listing ceremony of the shares of KP Green Engineering Limited on BSE was organised in Surat on Friday, marking the first time a company has been listed in the city.
KP Group CMD and Promoter Dr Faruk G Patel rang the bell to mark the listing of KP Green Engineering’s shares on BSE.
The shares of KP Green Engineering listed at Rs. 200, 38% higher than the issue price of Rs. 144. The shares closed at the upper circuit of Rs. 210, giving the company a market capitalisation of Rs. 1,050 crore.
Speaking on the occasion, Dr Patel said, “We are thrilled by the excellent listing and the tremendous response to our IPO. The IPO was oversubscribed 29.58 times with bids of Rs. 3,727 crore compared to the issue size of Rs. 189.50 crore. We will strive to live up to the trust our investors have placed in us.”
Sharing the company’s journey of 21 years, Dr Patel said that KP Green Engineering is the flagship company of KP Group. He said that having started with a capacity of 50 metric tonnes per annum, its capacity has touched 53,000 metric tonnes. He said that funds raised through the IPO would be used to establish a new factory at Matar in Bharuch, which would take the company’s capacity to 2.94 lakh metric tonnes.
KP Green Engineering’s Whole-time director Moinul Kadwa, CFO Salim Yahoo, Director Affan Patel, Pravin Singh, Hasan Patel, Dr Indugupta Rao, Surinder Negi, and BSE CMD Ajay Thakur, also witnessed the listing ceremony in Surat.
An advertisement of KP Green Engineering featuring Bollywood actor Suraj Pancholi, who was named as the company’s brand ambassador, was launched on the occasion. Suraj’s parents and actors Aditya Pancholi and Zareena Wahab, and KP Group’s brand ambassador and former cricketer Munaf Patel were also present on the occasion.
KP Green Engineering is the third company of KP Group, a leader in renewable energy, to be listed on the stock exchanges. KP Energy and KPI Green Energy, which have a combined market cap of more than Rs. 13,000 crore, are the other two listed entities of the group.
