 "KN Agri IPO subscribed 2.4 times on Day-1, issue closes Thursday")
The IPO of KN Agri Resources was subscribed 2.4 times on Tuesday, the first day of the issue. The offering has garnered bids for 15.5 million shares against 6.6 million on offer, data provided by stock exchanges show. The issue closes on Thursday.
The company is looking to raise about Rs 50 crore from the IPO. Its shares will get listed on the NSE Emerge platform, which caters to the small and medium enterprises (SME). The price band for the IPO is Rs 71-75 per share.
KN Agro is an integrated agro and food company. It has three seed processing units, two oil refineries and one flour mill in Madhya Pradesh.
Its customers include Adani Wilmar Limited, Cargill India, Bunge India, and Ruchi Soya. KN Agri had reported net profit of Rs 26.2 crore on revenues of Rs 1,301 crore in FY21.
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