Upcoming IPO: Chamunda Electricals IPO opens on February 4; issue price band set at ₹47-50 apiece; check GMP | Stock Market News
Upcoming IPO: Chamunda Electricals Ltd IPO will open for subscription on Tuesday, February 4, and close on Thursday, February 6. Chamunda Electricals IPO price band has been fixed in the range of ₹47 to ₹50 per equity share of face value of ₹10 each. Bids can be made for a minimum of 3,000 equity shares and in multiples of 3,000 equity shares thereafter.
Established in June 2013, Chamunda Electricals Limited focuses on the operation and maintenance of substations up to 66 KV, as well as testing and commissioning for those up to 220 KV, in addition to solar power generation capacities of 1.5 MW. The company’s offerings encompass the installation of EHV class equipment, construction of structures, earthing solutions, control cable installation, and various related tasks for substations up to 220 KV (D Class).
With a workforce of over 600 engineers, supervisors, and additional support personnel, the company is well-prepared to manage intricate projects with a high level of precision.
According to the red herring prospectus (RHP), the company mentioned in relation to its listed peers that they think there are no other listed firms that can be directly compared to them in terms of their business model, scale, and financials.
Chamunda Electricals IPO details
Chamunda Electricals IPO consists of a fresh issue of 29,19,000 equity shares, aggregating to ₹14.60 crore. There’s no offer for sale (OFS) component.
The issue’s goals are to fund the company’s working capital needs, pay back term loans and cash credit, meet general corporate purposes, cover issue expenses, and meet capital expenditures for the purchase of new testing equipment and kits.
The book running lead manager for the Chamunda Electricals IPO is GYR Capital Advisors Private Limited, while the issue’s registrar is Kfin Technologies Limited.For Chamunda Electricals IPO, Wiinance Financial Services Private Ltd is the market maker.
Chamunda Electricals IPO GMP today
Chamunda Electricals IPO GMP today is +11. This indicates Chamunda Electricals share price was trading at a premium of ₹11 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Chamunda Electricals share price is indicated at ₹61 apiece, which is 22% higher than the IPO price of ₹50.
According to the recent activities in the grey market over the last six sessions, the GMP for today’s IPO is trending upward, indicating a promising listing. The minimum GMP recorded is 0.00, whereas the maximum GMP stands at ₹11.00, as per the experts at investorgain.com.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
