The shares of Konstelec Engineering debuted with a premium of 200% on the NSE SME platform on Tuesday. The stock was listed at Rs 210 as against an issue price of Rs 70.

Ahead of the listing, the company’s shares commanded a robust GMP of Rs 90 in the unlisted market.

The SME IPO of Konstelec Engineering, which received a massive subscription of over 300 times, comprised a fresh equity issue of 41 lakh crore. Through the public offer, the company raised around Rs 28.7 crore.

Funds raised from the IPO will be used towards the working capital expenses for procuring high-quality products for its long-term projects and to provide collateral security to various clients.

Konstelec plans to utilise a majority of funds raised proceeds towards the working capital expenses for procuring high-quality products for its long-term projects and to provide collateral security to various clients. It will use the remaining funds for general corporate purposes and to meet public-issue expenses.

The Mumbai-headquartered EPC contractor specialises in delivering full-scale project management, procurement support and comprehensive engineering services for various electrical infrastructure, instrumentation and automation projects across India and abroad.

The company’s services are applicable in several manufacturing industries, such as oil and gas, refinery, steel, cement, pharmaceuticals, textiles, hospitals, and health care, both domestic and international.KEL currently has an order book of over 50 major projects amounting to Rs 573 crore in order value, that are in various phases of implementation. The company’s ongoing projects include electrical, construction power work and instrumentation work for leading corporates such as JSW Vijayanagar Metallics, Rajasthan Refinery Project among others.

The company recorded a revenue of Rs 93.05 crore, EBITDA of Rs 7.08 crore and a profit (PAT) of Rs 4.56 crore in the first half of the current financial year.

Beeline Capital Advisors acted as the book running lead manager and Skyline Financial Services was the registrar to the issue.

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