Rajesh Power Services Almost Doubles Investors’ Wealth on BSE SME Debut
Gujarat-based Rajesh Power Services made a stellar debut on the BSE SME platform, listing at INR 636 – a 90 percent premium over the issue price of INR 335. The stock price hit the upper circuit at INR 701.70 on December 3, 2024, more than doubling investors’ wealth.
December 03, 2024. By Mrinmoy Dey
The stock further surged to INR 668.30 at the close of the day, delivering nearly 100 percent gains from the IPO price. On December 3, 2024, it hit the upper circuit at INR 701.70.
The IPO was open for subscription from November 25 to November 27, 2024. It received an overwhelming response, being oversubscribed 59 times.
The total size of the IPO was INR 160.47 crore. It comprised a fresh issue of 2.79 million shares amounting to INR 93.47 crore and an offer for sale of 2 million shares totalling INR 67 crore.
The NII segment saw a subscription of 138.46 times, the QIB portion was oversubscribed 46.39 times, and the retail portion by 31.96 times. The IPO price band was set at INR 319-335 per share.
As per the red herring prospectus (RHP), the company plans to use the funds raised for several purposes, including capital expenditure for cable identification, testing, and fault location equipment, setting up a 1300 KW DC solar power plant, and supporting the development of in-house expertise for green hydrogen production and associated equipment like electrolysers. Additionally, the proceeds will be utilised for working capital needs and general corporate purposes.
Ahead of its IPO, Rajesh Power Services secured INR 44.76 crore from anchor investors by allotting 13.36 lakh equity shares at INR 335 per share. Notable investors such as Moneywise Financial Services, Negen Undiscovered Value Fund, YR Investment Opportunities Fund, and IMAP India Capital Investment Trust participated in the anchor round.
The company specialises in engineering, procurement, and construction (EPC) contracts, primarily serving power transmission and distribution utilities. Its services include laying EHV/HV/LV underground cable networks, setting up solar power plants, and constructing substations.
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