Chamunda Electricals IPO Day 2; check subscription data, GMP, other details

Chamunda Electricals IPO Day 2: Chamunda Electricals’ initial public offering (IPO) has seen an overwhelming response from investors, with subscriptions reaching 23.29 times as of 11:12 PM on Wednesday, February 5, 2025, according to data from the National Stock Exchange (NSE). Rs 14.60 crore SME IPO, launched on Tuesday, February 4, is priced between Rs 47-50 per share, with a minimum lot size of 3,000 shares.

 

Chamunda Electricals IPO consists of a fresh issue of 29,19,000 equity shares. Retail investors are required to invest a minimum of Rs 1,50,000 for one lot (3,000 shares), while high-net-worth individuals (HNIs) must bid for at least two lots (6,000 shares), amounting to Rs 3,00,000.

 

Strong demand for the IPO is reflected in the grey market, where Chamunda Electricals’ unlisted shares are trading at approximately Rs 63 apiece. This represents a grey market premium (GMP) of Rs 13 or 26 per cent over the upper price band, according to sources tracking unofficial trading activity.

 

The public offering will remain open for bidding until Thursday, February 6, 2025. Following that, the basis of allotment is expected to be finalised on Friday, February 7, 2025, with successful bidders receiving shares in their demat accounts by Monday, February 10, 2025. Chamunda Electricals shares are slated to list on the NSE SME platform tentatively on Tuesday, February 11, 2025.

 

Ahead of its public issue, the company raised Rs 4.11 crore from anchor investors in a bidding process completed on February 3, 2025. Kfin Technologies serves as the registrar for the IPO, while GYR Capital Advisors is the book-running lead manager.

 

According to its Red Herring Prospectus (RHP), Chamunda Electricals intends to allocate IPO proceeds for capital expenditure, including acquiring new testing kits and equipment, meeting working capital requirements, repaying term loans and cash credit, funding general corporate purposes, and covering issue-related expenses.

 

The company specialises in operating and maintaining substations up to 66 KV, testing and commissioning electrical substations up to 220 KV, and managing a 1.5 MW solar power generation park. Its services also include erecting Extra High Voltage (EHV) class equipment, structures, earthing, control cable works, and other associated services for substations up to 220 KV (D Class).