Chamunda Electricals IPO: Check Latest GMP, Day 2 Subscription Status, Price Band And More

As bidding for the Chamunda Electricals IPO enters its second day, here's all you need to know about the issue including its GMP, latest subscription status, price band, offer size and more.

The Chamunda Electricals IPO price band has been set at Rs 47 to Rs 50 per share. (Photo source: NDTV Profit/Canva)

Chamunda Electricals IPO: The initial public offering of Chamunda Electricals which opened for subscription on Tuesday received a fantastic response from the investors as the SME IPO was booked over 16 times.

The demand was led by retail investors who bid for 2,56,62,000 shares against the 9,66,000 offered.

As bidding for the Chamunda Electricals IPO enters its second day, here's all you need to know about the issue including its GMP, latest subscription status, price band, offer size, and more.

Also Read: Final Day — Chamunda Electricals IPO: GMP, Subscription Status, Allotment Date And More

Chamunda Electricals IPO Details

The company aims to raise funds worth Rs 14.6 crore via a fresh issue of 29.19 shares. The Chamunda Electricals IPO price band has been set at Rs 47 to Rs 50 per share. Retail investors have to buy 3,000 shares in one lot, implying that the minimum investment amount will be Rs 1,50,000 on the upper end of the price band.

Mr. Chiragkumar Natvarlal Patel, Mr. Natvarbhai K Rathod and Mrs. Purnikaben C Patel are the company's promoters. Ahead of the launch of its IPO, Chamunda Electricals raised Rs 4.11 crore from anchor investors. The anchor allocation round was held on Feb. 3. 

The subscription for Chamunda Electricals IPO will remain open till Feb. 6. This will be followed by finalisation of share allotment on Feb. 7. Investors who are successfully allotted the company shares can expect the credit in their Demat account by Monday, Feb. 10. Shares of Chamunda Electricals IPO are expected to list on NSE SME (Emerge) on Tuesday, Feb. 12.

Chamunda Electricals IPO Day 2 Subscription Status

The IPO of Chamunda Electricals has been subscribed 45.22 times as of 4:54 p.m. on Wednesday.

  • Qualified Institutions: 8.58 times

  • Non-Institutional Buyers: 40.3 times

  • Retail Investors: 68.27 times

Subscription status will be updated at regular intervals.

Chamunda Electricals IPO GMP Today

The latest grey market premium (GMP) for Chamunda Electricals IPO is Rs 13, recorded at 3:51 p.m. on Feb. 5. Considering today's GMP and issue price, shares of Chamunda Electricals are expected to list on NSE at Rs 63, up 26% over IPO price - as per InvestorGain.com

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

Chamunda Electricals IPO: About Company

The Palanpur-based Chamunda Electricals Ltd. operates and maintains up to 66 KV electrical substations. The company further specialises in testing and commissioning up to 220 KV substations, as well as 1.5 MW solar power generation.

Over the years the company have built expertise to develop solutions and service offerings across the following business verticals:

  • Operation & Maintenance of Electrical Sub-stations

  • EHV class equipment’s erection

  • Solar-Power generation park

  • Testing & Commissioning of Electrical Sub-stations

Use of IPO Proceeds

The company will use the proceeds from the IPO for capital expenditure on new testing kits and equipment, funding working capital needs and repaying certain loans. The rest of the funds will go towards general corporate purposes and issue expenses.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.

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