Chamunda Electricals IPO: Check GMP, allotment status, listing date & other details

The initial public offering (IPO) Chamunda Electricals continued to see a strong response from the investors during the thrid and final day of the bidding as institutional bidders joined the bidding party. The issue was overall subscribed nearly 17 times on day one and ended day two with more than 46 times of bidding.

The IPO of Palanpur-based Chamunda Electricals is being sold in the range of Rs 47-50 apeice and investors can apply for a minimum of 3,000 equity shares, with each lot costing Rs 1.5 lakh for the investors. The company is looking to raise a total of Rs 14.60 crore via IPO, which is entirely a fresh share sale of 29,19,000 equity shares.

As of 3.10 pm on Thursday, investors has applied for 1,11,85,08,000 equity shares amounting to about Rs 5,600 crore for 19,32,000 equity shares offered in the net issue. The issue has attracted bids for more than 578.94 times, fetching more than 1.50 lakh applications so far. The issue, which kicked off on Tuesday, February 4, shall close on Thursday, February 6.

Palanpur-based Chamunda Electricals specializes in operating and maintaining up to 66 KV substations, testing and commissioning for up to 220 KV substations, and 1.5 MW solar power generation. Founded in June 2013, the company's services include erecting EHV class equipment, structures, earthing, control cable works, and other associated tasks for up to 220 KV (D Class) substations.

For the nine month ended on December 31, 2024, Chamunda Electricals reported a net profit of Rs 2.91 crore with a revenue of Rs 18.43 crore. The company clocked a bottomline of Rs 2.44 crore with a revenue of Rs 20.07 crore in the financial year 2023-24. The company shall command a market capitalization of little more than 55 crore.

Ahead of its IPO, the company raised a total of Rs 4.11 crore via anchor investors by allocating 8,22,000 equity shares. Anchor book included names like Paradise Moon Investments, Vikasa India EIF and SMC India Opportunities Fund. The grey market premium (GMP) for Chamunda Electricals has moved to Rs 21 apeice, suggesting gains of 42 per cent for the investors.

It has a team of more than 600 engineers, supervisors and other supporting staff well-equipped to handle complex projects with a high degree of accuracy. The net proceeds from the issue shall be utilized towards meeting the capital expenditure; funding the working capital requirements, repayment of term loans and cash credit; and meeting general corporate purposes.

GYR Capital Advisors is the book running lead manager of the Chamunda Electricals IPO, while Kfin Technologies is the registrar for the issue. The market maker for Chamunda Electricals IPO is Wiinance Financial Services. Shares of the company shall be listed on NSE emerge platform on February 11, while basis of allotment shall be finalized by Friday, February 7 and the share will be credited by Monday, February 10.