Kundan Edifice IPO: GMP, subscription status on day 4, other key details to know

Kundan Edifice IPO has opened for subscription on Tuesday, September 12, and will close today (Friday, September 15). Kundan IPO price band has been set at ₹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 Edifice IPO details

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.

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Kundan Edifice IPO subscription status

Kundan IPO subscription status today was 42.27 times on day 4. The issue received positive response from retail investors who's portion set was subscribed 44.13 times, and non-institutional buyers who's portion set was subscribed 35.68 times, according to data on chittorgarh.com.

The company has received bids for 11,11,76,400 shares against 2,772,000 shares on offer, according to data on chittorgarh.com.

Kundan IPO subscription status today was 9.73 times on day 3. Kundan Edifice IPO subscription status was 2.83 times on day 2, and on day 1 the subscription status was 1.11 times. 

Kundan IPO dates

Kundan IPO share allotment will tentatively take place on Thursday, September 21. Those allotted shares will get them in their Demat accounts on Monday, September 25. The refund process for those who did not get shares will begin on Friday, September 22. Kundan Edifice shares will be listed on NSE SME on Tuesday, September 26.

Kundan Edifice IPO GMP today

Kundan IPO GMP today or grey market premium is +25 higher than the previous trading session, which was +22. This indicates Kundan Edifice share price were trading at a premium of ₹25 in the grey market on Friday, according to topsharebrokers.com

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Kundan Edifice share price is ₹116 apiece, which is 27.47% higher than the IPO price of ₹91.

Today IPO GMP trend is showing signals towards the lower side. The lowest GMP is ₹22, while the highest GMP is ₹40, according to topsharebrokers.com

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

Kundan Edifice IPO Review

“The company is engaged in LED and EMS segments. It marked growth in its top and bottom lines for the reported periods, but the sudden boost in FY23 performance raises eyebrows and concerns over sustainability. The issue appears fully priced based on its concluded fiscal performance. Well-informed investors may park funds for the medium to long-term rewards,” said Dilip Davda, the contributing editor at at Chittorgarh.com.