On Tuesday, February 11, Chamunda Electricals’ shares made a spectacular start, trading at ₹70 on the NSE SME, forty percent above the issue price of ₹50.
Chamunda Electricals IPO Listing:
On Tuesday, February 11, Chamunda Electricals’ shares made a spectacular start, trading at ₹70 on the NSE SME, forty percent above the issue price of ₹50.
Subscribers could purchase shares in Chamunda Electricals’ ₹14.60 crore IPO between February 4 and February 6. The price of each equity share in the SME IPO was set at ₹50.
With 737.97 times bids, Chamunda Electricals’ initial public offering (IPO) closed with tremendous demand after three days of bidding. Of the 19.32 lakh shares available, 142.57 crore were bid on during the IPO. While the non-institutional investor (NII) category was subscribed to 1,943.09 times, the retail investor sector was booked 554.13 times. In the meantime, the Qualified Institutional provider’s quota was bid 155.13 times over the three days of bidding.
About the IPO:
There was no offer for the for-sale component of Chamunda Electricals’ IPO; it was a completely new issue of 29.19 lakh shares. With a lot size of 3,000 shares and a minimum investment of ₹1.41 lakh, retail investors were eligible to apply.
Before the February 3, 2024, IPO, Chamunda Electricals received ₹4.11 crore from anchor investors.
The business plans to use the issue’s proceeds for several important goals, such as capital expenditures for purchasing new testing kits and equipment, financing its working capital needs, and paying back cash credit and term loans. A part of the money will also go toward paying for issue-related costs and other business objectives.
Kfin Technologies Limited is the issue’s registrar, while GYR Capital Advisors Private Limited is the book-running lead manager for the Chamunda Electricals IPO. Finance Financial Services Private Limited is the market maker for Chamunda Electricals’ initial public offering.
About the Company:
Chamunda Electricals Limited was founded in June 2013 and focuses on testing and commissioning services for substations up to 220 KV and the operation and maintenance of substations up to 66 KV. Additionally, the business generates 1.5 MW of solar electricity. For substations up to 220 KV (D Class), it has experience installing EHV class buildings, equipment, earthing, control cable work, and other associated duties.
Supported by more than 600 engineers, managers, and support personnel, the organization is prepared to carry out intricate tasks accurately and effectively.
