Rajesh Power Services IPO booked 59 times on day 3 driven by NIIs; check allotment and listing date

Rajesh Power Services Limited IPO closed with strong demand on Wednesday, November 27, the last day of subscription, driven by Non-Institutional Investors (NIIs). The BSE SME issue was booked over 59 times.

Rajesh Power Services IPO received bids for over 18.96 crore shares against 32.09 lakh shares. On the last day of bidding, the retail portion of the IPO was booked 31.95 times, with applications for over 5.12 crore share shares against 16.04 lakh shares set aside for the category.

The NIIs showed the highest demand by booking their segment 138.81 times. The NIIs applied for 9.59 crore shares against 6.91 lakh shares reserved for them. The Qualified Institutional Buyers applied for 4.23 crore shares against 9.13 lakh shares set aside for them. The QIBs’ quota was booked 46.39 times.

Rajesh Power Services IPO details

Rajesh Power Services IPO, a book-built offer worth ₹160.47 crore, consisted of a fresh issue of 27.9 lakh shares, amounting to ₹93.47 crore, and an offer-for-sale (OFS) of 20 lakh shares aggregating to ₹67 crore.

Rajesh Power Services IPO issue price was fixed at ₹319 to ₹335 per share. The minimum application size for the retail category was fixed at a single lot size of 400 shares, aggregating to an investment of ₹1,34,000.

Rajesh Power Services IPO dates

Rajesh Power Services IPO opened for subscription on Monday, November 25. The share allotment status will likely be finalised by Thursday, November 28.

Once the allotment of shares is completed, refunds will be initiated for unsuccessful bidders on Friday, November 29, and successful bidders will also receive shares in their Demat accounts the same day. Shares of Rajesh Power Services will be listed on the BSE SME platform. The IPO listing has been scheduled for Monday, December 2.

Rajesh Power Services IPO registrar

ISK Advisors Private Limited is the book-running lead manager for the SME issue, and Bigshare Services Private Limited is the registrar. Sunflower Broking is the market maker for the issue.

Rajesh Power Services IPO objective

The company plans to use the money raised via the public issue to buy cable identification, testing, and fault location equipment. It also plans to set up a 1,300 KW DC Solar Power Plant.

The funds will also be used to develop in-house technical expertise for the production of green hydrogen and associated equipment, fulfill working capital requirements, and for general corporate purposes.

About Rajesh Power Services

Rajesh Power Services Limited was established in 1971. The company provides Engineering, Procurement, and Construction (EPC) contract and consultancy services to state transmission and distribution companies and private utilities and industries. The company caters to both renewable and non-renewable energy segments of the power sector.