The company had priced its IPO at Rs 587 but the company’s shares were listed on NSC and BSC at a good premium. Keynes Technology shares were listed at Rs 778 on the National Stock Exchange (NSE) and Rs 775 on the BSC i.e. the Bombay Stock Exchange.
Good response to IPO
The company’s IPO received a good response and received 34.16 times subscription from investors on the last day of the IPO. According to NSC figures, the company was able to raise Rs 275 crore through anchor investors. The company had allotted 43.76 lakh equity shares at Rs 587 per equity share.
According to the Draft Red Herring Prospectus (DRHP), the company had planned to raise Rs 530 crore through the IPO. For this, a price band of Rs 559-587 per share was fixed. Accordingly 25 shares were fixed in one lot. The company’s IPO was open for subscription on November 10 and November 14 was the last day of the IPO.
What should investors do?
Girish Sodani, Head of Equity Markets, Swastika Investmart, says that investors who have received shares can sell some shares to get returns. If the shares rise further, some profits can be recovered further. New investors should wait for the share price to decline somewhat. It can then be included in a portfolio for long-term investment.