Kanohar Electricals Ltd, a manufacturer of power transformers, has witnessed a significant surge in its stock price, climbing 40% in just two trading sessions from its initial public offering (IPO) price of Rs 632. The remarkable rally comes after Groww Mutual Fund acquired a substantial stake in the company.
Groww Mutual Fund's Strategic Investment
On September 17, 2026, shares of Kanohar Electricals rose by 18% in the current session, reaching Rs 885.65. This upward momentum was primarily driven by Groww Mutual Fund's purchase of 4.75 lakh shares, representing a 0.6% stake in the company. The transaction was valued at Rs 35.2 crore, with shares acquired at Rs 740.38 apiece.
IPO Performance and Market Debut
Kanohar Electricals' Rs 1,056-crore IPO, which had a price band of Rs 601-632 per share, concluded its subscription period from September 8 to September 10. The issue received an overwhelming response, being subscribed 90.59 times overall, attracting over 49.23 lakh applications and bids worth nearly Rs 66,950 crore. The basis of allotment was finalized on September 11.
Despite the strong investor interest during its subscription, the stock had a relatively modest market debut. It listed on the NSE at Rs 685.50 per share, an 8.46% premium over its IPO price. On the BSE, it opened at Rs 672.05, a 6.34% premium. Following the recent rally, the company's market capitalization now stands at Rs 6,647 crore.
About Kanohar Electricals Ltd
Kanohar Electricals Limited specializes in manufacturing various types of transformers crucial for India's infrastructure. The company serves diverse sectors, including power transmission, railways, renewable energy, and power distribution, playing a vital role in the country's energy ecosystem.