CLN Energy's IPO Sees Strong Demand, Lists At 2.4 Pc Premium On BSE SME
Date
1/30/2025 2:08:28 PM
(MENAFN- KNN India)
New Delhi, Jan 30 (KNN) CLN Energy, a lithium ion battery manufacturer, made its market debut on the BSE SME platform today, with shares listing at Rs 256, reflecting a 2.4 percent premium over the initial public offering price of Rs 250.
The stock demonstrated immediate strength, surging to its upper circuit limit of Rs 268.80, marking a 5 percent increase from its listing price.
The company's recent IPO, which concluded on January 27, garnered substantial investor interest, achieving an overall subscription rate of 5.09 times.
The offering, structured entirely as a fresh issue of 28.92 lakh shares, successfully raised Rs 72.3 crore at the upper end of its price band of Rs 235-250 per share.
The strong demand was evidenced by the receipt of 11,029 applications for 1.05 crore equity shares against an offer size of 20.71 lakh shares.
Investor participation was notably robust across categories. Retail investors led the subscription statistics with 6.55 times their allocated quota, closely followed by non-institutional investors at 6.51 times.
Qualified institutional buyers also participated, subscribing 1.07 times their designated portion. Prior to the public issue, CLN Energy had secured Rs 20.52 crore through its anchor book on January 22.
The company, which specialises in B2B solutions for electric vehicles and stationary applications including solar, energy storage systems, and telecommunications, plans to utilise the IPO proceeds strategically.
The funds will be directed towards machinery and equipment acquisition, meeting working capital requirements, and general corporate purposes, positioning the company for future growth in the expanding energy storage sector.
(KNN Bureau)
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