Kundan Edifice IPO Lists on NSE SME at a Discount

Kundan Edifice IPO Lists on NSE SME at a Discount

VoM News Desk | September 26, 2023 | 11:08 AM IST | Breaking News | Follow on Google News

Kundan Edifice IPO Lists on NSE SME at a Discount

Kundan Edifice, a newly-listed company, saw its share price listed on the National Stock Exchange’s Small and Medium Enterprises (NSE SME) platform at a discount on Tuesday. The shares were listed at ₹75 per share, which is 17.58% lower than the issue price of ₹91.

Successful Subscription During IPO

The Kundan Edifice IPO was open for subscription from September 12 to September 15. On the final day of subscription, the IPO had a subscription status of 42.27 times, with the retail portion being subscribed 44.13 times. This robust subscription rate reflects strong investor interest in the IPO.

IPO Details

The price band for the Kundan Edifice IPO was set at ₹91 per equity share, with a face value of ₹10 each. The lot size for the IPO was 1,200 equity shares, with multiples of 1,200 equity shares thereafter. The IPO was a fresh issue, with no offer for sale (OFS) component. The total IPO size was ₹25.22 crore.

Use of Proceeds

Kundan Edifice plans to utilize the net proceeds from the IPO for meeting increased working capital needs and general corporate purposes.

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Promoters and Management

The promoters of the company are Divyansh Mukesh Gupta and Vijaya Mukesh Gupta. Kundan Edifice’s book-running lead manager for the IPO is Fedex Securities Pvt Ltd, and the registrar is Cameo Corporate Services Limited.

Grey Market Premium (GMP)

On the listing day, Kundan Edifice’s Grey Market Premium (GMP) was reported at +5, which is similar to the previous two trading sessions. This suggests that Kundan Edifice shares were trading at a premium of ₹5 in the grey market on Tuesday.

Estimated Listing Price

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Kundan Edifice shares is ₹96 apiece. This represents a 5.49% premium over the IPO price of ₹91.

The grey market premium is an indication of investors’ willingness to pay more than the issue price for the shares. While the IPO listed at a discount, the grey market premium suggests that there may be potential for the share price to appreciate in the aftermarket.

VoM News Desk

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