Kundan Edifice shares listed at a 17.58% discount over the IPO price on the NSE SME on Tuesday. The share debuted at Rs 75 on the NSE SME, as compared to the issue price of Rs 91.
Kundan Edifice IPO opened for public subscription on Tuesday, September 12, 2023 and closed on Friday, September 15, 2023.
The public offer comprised a fresh issue of 2,772,000 shares, aggregating up to Rs 25.22 crore, with a face value of Rs 10 per share. Investors were allowed to bid for a minimum of 1200 shares and in multiples thereof.The company intends to use the net proceeds from the IPO for meeting incremental working capital requirements and general corporate purposes.
Incepted in the year 2014, Kundan Edifice (KEL) is one of the manufacturers and suppliers of a wide range of flexible LED Strip Lights. The company is primarily an original design manufacturer (“ODM”) and design, develop, manufacture, and supply products to customers who then further distribute these products under their own brands. KEL started the first Indian factory with specialised focus on LED strip light. We got technologies which were not present in India.