Kundan Edifice IPO: GMP, subscription status on day 3, other key details to know
₹91 per equity share of face value of ₹10 each. Kundan Edifice IPO lot size is 1,200 equity shares and in multiples of 1,200 equity shares thereafter. Kundan IPO, which is worth ₹25.22 crore, is completely a fresh issue of 2,772,000 equity share; there is no offer for sale (OFS) component.
The company plans to use the net proceeds from the offering to achieve the following goals, such as meeting increased working capital needs and general corporate purposes. The promoters of the company are Divyansh Mukesh Gupta and Vijaya Mukesh Gupta. The issue's book-running lead manager is Fedex Securities Pvt Ltd, while Kundan Edifice IPO registrar is Cameo Corporate Services Limited.
"There are no listed companies that exclusively undertake the manufacturing of LED strip lights. Hence, basis factors such as the scale of the business, manufacturing of electronics products (as our Company LED strip lights, which are electronics products), a proxy set of listed peers of Artemis Electricals and Projects Limited and Focus Lighting and Fixtures Limited (the Industry Peers) have been identified for our company," said Kundan Edifice in its Red Herring Prospectus (RHP). In Gujarat, Chavda Infra Limited offers construction and related services for institutional, commercial, and residential projects.
Kundan IPO subscription status today was 8.28 times on day 3. The issue received positive response from retail investors who's portion set was subscribed 14.14 times, and non-institutional buyers who's portion set was subscribed 2.42 times, at 16:23 IST, according to data on chittorgarh.com. The company has received bids for 2,17,81,200 shares against 2,772,000 shares on offer, at 16:23 IST, according to data on chittorgarh.com.
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