Chamunda Electricals IPO to hit Dalal Street on February 4, the first SME issue next month

Chamunda Electricals IPO

Chamunda Electricals, which provides operation and maintenance services for electrical substation, will open its maiden public issue for subscription on February 4, with a price band of Rs 47-50 per share. This will be the first SME IPO in the month of February.

The Gujarat-based company , which also develops solar power generation park, targets to mobilise Rs 14.6 crore via solely fresh issue of 29.19 lakh shares. The offer will close on February 6.

The anchor book for institutional investors will be launched on February 3, a day before the issue getting opened for public.

Chamunda Electricals intends to utilise IPO proceeds mainly for purchase of new testing kit and equipments, working capital requirements, and repayment of term loans and cash credit.

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The company provides specialised services of operation and maintenance of substation up to 66 KV (kilovolt), testing and commissioning of electrical substation up to 220 KV (kilovolt) and solar power generation park of 1.5 MW (megawatts) capacity.

The IPO share allotment will be finalised by February 7, while the trading in Chamunda Electricals shares will commence on the NSE Emerge effective February 11.

Gyrcapital Advisors is acting as the book running lead manager for the issue.