Chamunda Electricals IPO Day 3: What GMP, subscription status signal as SME IPO ends today

Chamunda Electricals Ltd IPO has opened for subscription on Tuesday, February 4, and will 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.

Founded in June 2013, Chamunda Electricals Limited specializes in the operation and maintenance of substations rated up to 66 KV, alongside testing and commissioning for those rated up to 220 KV, as well as generating solar power with a capacity of 1.5 MW. The company provides services that include the installation of EHV class equipment, the construction of structures, earthing solutions, control cable installation, and various other activities related to substations up to 220 KV (D Class). With a team exceeding 600 engineers, supervisors, and additional support staff, the company is well-equipped to handle complex projects with great accuracy.

The red herring prospectus (RHP) indicates that the company believes there are no other publicly traded firms that can be directly compared to them regarding their business model, scale, and financial metrics.

Chamunda Electricals IPO Subscription Status

Chamunda Electricals IPO subscription status is 737.95 times, at 17:19 IST, on day 3, so far. The retail portion was subscribed 554.09 times, and NII portion was booked 1,943.07 times. QIB portion is booked 155.85 times.

The company has received bids for 1,42,57,14,000 shares against 19,32,000 shares on offer, according to data on chittorgarh.com

On the first bidding day, Chamunda Electricals IPO subscription status was 16.7 times, and the issue was booked 46.09 times on the second bidding day.

Chamunda Electricals IPO GMP today

Chamunda Electricals IPO GMP today is +18. This indicates Chamunda Electricals share price was trading at a premium of ₹18 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 ₹68 apiece, which is 36% higher than the IPO price of ₹50.

Analyzing the grey market trends from the past nine sessions, today's IPO GMP is on the rise and predicts a robust listing. The minimum GMP stands at 0.00, whereas the maximum GMP reaches ₹18.00, according to experts at investorgain.com.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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 objectives of the issue include securing funding for the company's working capital requirements, repaying term loans and cash credit, addressing general corporate purposes, covering expenses related to the issue, and financing capital expenditures for acquiring new testing equipment and kits.

The lead manager for the Chamunda Electricals IPO is GYR Capital Advisors Private Limited, and Kfin Technologies Limited serves as the registrar for the issue. For the Chamunda Electricals IPO, Wiinance Financial Services Private Ltd acts as the market maker.

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