Rajesh Power Services Limited stock makes stellar debut on BSE SME Exchange; lists at 90% premium with upper circuit
- Stock listed at Rs. 636.50/- on BSE SME as against a price band of Rs. 335/- per share
- Earlier this week, the IPO received an overwhelming response from the investors as the QIB portion was subscribed 46.39 times, the NII portion was subscribed 138.46 times and the Retail individual investors (RII) quota was subscribed 31.96 times bringing overall subscription to 59 times
- Public offer opened for subscription on November 25 and closed on November 27, 2024
- IPO comprised a fresh issue of 27.9 Lakh equity shares and an offer for sale of up to 20 Lakh equity shares with a face value of Rs. 10 per share; price band fixed at Rs. 335/-
Rajesh Power Services Limited (“RPSL” or “The Company”), one of the leading service providers for the power sector, today made a spectacular debut on the BSE SME exchange. RPSL was listed at Rs. 636.50/-, at an upper circuit premium of 90% over the fixed price band of Rs. 335/- and traded at Rs. 668.30/- at an upper circuit with a 99.4% gain over the IPO price.
Earlier this week, the issue the IPO received an overwhelming response from the investors as the QIB portion was subscribed 46.39 times, the NII portion was subscribed 138.46 times and the Retail individual investors (RII) quota was subscribed 31.96 times until the final day of bidding on November 27, garnering record bids worth over Rs. 6,334 crore.
The IPO comprised a fresh issue of 27.9 Lakh Equity Shares and an offer for sale of up to 20 Lakh Equity Shares with a face value of Rs. 10/- through the book-building route. ISK Advisors Private Limited is the Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar to the offer.
The anchor book of the IPO was subscribed to by a group of high-profile investors, including Moneywise Financial Services Pvt Ltd, Negen Undiscovered Value Fund, Niveshaay Hedgehogs Fund, YR Investment Opportunities Fund, TGISME Fund, India Equity Fund 1, IMAP India Capital Investment Trust-Catalyst New Fund, Craft Emerging Market Fund PCC – Elite Capital Fund, VBCube Ventures Fund, VIJIT Growth Fund, Vikasa India EIF Fund – Incube Global Opportunities, Paradise Moon Investment Fund 1, Visionary Value Fund, Next Orbit Ventures Fund, Matterhorn India Fund, CCV Emerging Opportunities Fund – 1 and Nova Global Opportunities Fund PCC participated in the anchor book subscription
The company has allotted 13,36,000 equity shares for the Anchor investors, 2,44,000 equity shares for the market maker, 6,91,200 equity shares reserved for the NII portion, 9,13,600 equity shares for net QIBs, and the Retail (RII) portion accounts for 16,04,800 equity shares. The lot size is 400 Equity Shares.
The Ahmedabad-headquartered company aims to raise Rs. 160.5 crore from the issue and intends to utilise Rs. 25.10 crore of the total IPO proceeds for capital expenditures, such as purchasing cable identification, testing, and fault location equipment (Rs. 17.94 crore), setting up a DC Solar power plant with a capacity of 1300 KW (Rs. 4.16 crore), and developing in-house technical expertise in the production of Green Hydrogen and associated equipment such as electrolysers (Rs. 3 crore). The company plans to use Rs. 30 crore for additional working capital requirements, and the remaining capital will be utilised for general corporate purposes.
RPSL is in the business of EPC (Engineering, Procurement & Construction) contracting and providing Turnkey services to power transmission and distribution utilities / PSUs / Private Entities since decades. In the renewable sector, the company offers technical services to set up solar power plants and also works on a Turnkey basis to build, operate, and maintain solar power plants. In the non-renewable power sector, the company offers a host of services, including implementation of turnkey projects for laying Extra High Voltage (EHV) substations, design and implementation of underground power distribution system. It also offers Operations and Maintenance services which include operating and maintaining solar power plants and EHV substations.
Rajesh Power Services Limited, under the leadership and vision of Mr. Kurang Panchal and Mr. Rajendra Baldevbhai Patel, entered into solar power generation by setting up a 1 MW solar power plant at Vill-Patdi in Surendra Nagar district in Gujarat in 2012. The solar plant was set up under one of the first solar schemes launched in 2012 by the Gujarat government under the leadership of Prime Minister Shri Narendra Modi (then Chief Minister of Gujarat). The solar plant is currently operational and generating solar power and supplying power to PGVCL DISCOM.
For more information, please visit: www.rajeshpower.com
