Rajesh Power Services Limited IPO gets overwhelming response from investors; records 59 times subscription
- While 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 31.96times
- The IPO opened on November 25and will be closed on November 27, 2024
- ISK Advisors Private Limited is the Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar to the offer
The Initial Public Offer (IPO) of Ahmedabad-headquartered Rajesh Power Services Limited received an overwhelming response from the investors, recording 59 times subscription until the final day of the bidding. The power services provider aims to raise Rs. 160.5 crore from the issue that was floated between 25 – 27 November, 2024.
| Category | No of Equity Shares | Number of shares bid | Subscription (No of Times) |
| QIB | 9,13,600 | 4,23,84,000 | 46.39 |
| NII | 6,91,200 | 9,57,02,400 | 138.46 |
| RII | 16,04,800 | 5,12,89,600 | 31.96 |
| Total ((Excluding anchor portion & market maker)) | 32,09,600 |
18,93,76,000 |
59.00 |
While the Qualified Institutional Buyer (QIB) portion of the issue was subscribed 46.39 times, the NII quota was subscribed 138.46 times and the Retail Individual Investors (RII) quota was subscribed 31.96times, bringing the overall subscription to 59 times till the final day of bidding on Wednesday, November 27, 2024.
The price band of the issue is fixed at Rs. 319-335/- per Equity Share witha face value of Rs. 10 apiece. The IPO comprised of fresh issue of 27.9Lakh 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. The minimum lot size for the application is 400 Equity Shares. The company is proposed to be listed on BSE SME.
ISK Advisors Private Limited is the Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar to the offer.
RPSL is planning to raise Rs. 160.5 crore 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.
The company 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 1MW solar power plant at Vill-Patdi in Surendra Nagar district in Gujarat in 2012. The solar plant was setup 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
