Chamunda Electricals IPO: Issue subscribed over 28 times so far on day 2; check price band, lot size and key dates

Chamunda Electricals IPO: The initial public offer of Chamunda Electricals is receiving a robust response from investors. The issue has been subscribed over 28 times so far on Wednesday, February 5, the second day of bidding.

The initial share sale has received bids for 5,91,78,000 shares as against 20,97,000 equity shares on offer, leading to a total subscription of 28.22 times until 1:11 pm.

Chamunda Electricals, which has set a price band of ₹47 to ₹50 per share, will conclude on Thursday, February 6. The company's shares will be listed on the National Stock Exchange's SME platform Emerge.

The IPO is solely a fresh issue of 29.19 lakh equity shares worth ₹14.60 crore. Proceeds from the issue will be used to meet capital expenditures for the purchase of new testing kits and equipment, fund working capital requirements, debt repayment, issue expenses, and corporate general purposes.

Chamunda Electricals IPO lot size

Investors can apply for at least one lot consisting of 3,000 shares. The minimum investment requirement is ₹1,50,000.

Before the IPO, the company raised ₹4.11 crore from anchor investors, including Vikasa India EIF I Fund - Incube Global Opportunities, Paradise Moon Investment Fund I and SMC India Opportunities Fund.

According to a circular on the NSE portal, the company allotted 8.22 lakh equity shares to three anchor investors at ₹50 per share, which is also the upper price band of the issue.

GYR Capital Advisors Pvt Ltd is the IPO's sole book-running lead manager, Kfin Technologies Ltd is the registrar, and Wiinance Financial Services Pvt Ltd is the market maker.

About the company

Founded in 2013, Chamunda Electricals Ltd operates and maintains up to 66 kilovolts (kV) substations, testing and commissioning for up to 220 kV substations, and 1.5 megawatts (MW) solar power generation.

Chiragkumar Natvarlal Patel, Natvarbhai Rathod and Purnikaben C Patel are the promoters, who hold 97.46% of the company.