The Initial public offer (IPO) of Rajesh Power Services Limited ended with high demand. Non-Institutional Investors (NIIs) were the driving force behind the subscription deadline of November 27.
Over 59 times reservations were made for the BSE SME issue. In contrast to 32.09 lakh shares, bids for more than 18.96 crore shares were received for Rajesh Power Services' IPO.
Subscription across categories
The retail portion of the IPO was booked 31.95 times on the final day of bidding, with applications for more than 5.12 crore shares compared to the 16.04 lakh shares reserved for the category.
With 138.81 bookings for their segment, the NIIs demonstrated the highest demand. In contrast to the 6.91 lakh shares that were set aside for them, the NIIs applied for 9.59 crore shares.
Out of the 9.13 lakh shares reserved for them, the Qualified Institutional Buyers applied for 4.23 crore shares. 46.39 reservations were made for the QIBs' quota.
IPO size and structure
An offer-for-sale (OFS) of 20 lakh shares, totaling Rs 67 crore, and a fresh issue of 27.9 lakh shares, totaling Rs 93.47 crore, made up the Rajesh Power Services IPO, a book-built offer valued at Rs 160.47 crore.
Final Decision: APPLY ✅ Rajesh Power services
— Amit Arora (@GuruShareMarket) November 27, 2024
Valuations are fine
Big Fat orderbook
Sector is
Revenue & Profit growth is decent
Read the complete review below & make your decision
Subscription till 1pm-#rajeshpower #rajeshpowerIPO #nseindia #SEBI https://t.co/JyJQA3Y8JE pic.twitter.com/upR4aQGqqE
Price band and minimum bid
The IPO issue price of Rajesh Power Services was set between Rs 319 and Rs 335 per share. For the retail category, a single lot size of 400 shares, or an investment of Rs 1,34,000, was the minimum application size.
Listing subscription time table
The Rajesh Power Services initial public offering (IPO) went live on Monday, November 25. By Thursday, November 28, the status of the share allocation is to be finalised.
Refunds for unsuccessful bidders will begin on Friday, November 29, following the completion of the share allocation, and successful bidders will also receive shares in their Demat accounts on the same day. Rajesh Power Services' stock will be listed on the BSE SME marketplace. Monday, December 2 is the date set for the IPO listing.
Use of IPO proceedings
The company intends to purchase cable identification, testing, and fault location equipment with the funds raised through the public offering. Additionally, a 1,300 KW DC solar power plant is planned.
Additionally, the funds will be utilized for general corporate purposes, working capital requirements, and the development of in-house technical expertise for the production of green hydrogen and related equipment.