Rajputana Biodiesel IPO day 3: NSE SME issue booked nearly 719 times driven by NIIs; check subscription status and other key details

Rajputana Biodiesel Limited IPO saw an overwhelming demand across investor categories on the last day of bidding on Thursday, November 28 as the public offer was booked nearly 719 times.

The initial public offering of Rajputana Biodiesel opened for subscriptions on November 26.

The NSE SME issue received bids for over 89.43 crore shares against 12.44 lakh shares on offer, leading to an overall subscription of 718.92 times.

The retail portion was subscribed 746.56 times, while the Non-Institutional Investors’ (NII) category saw the highest demand with a booking of 1,346.48 times.

The Qualified Institutional Buyers (QIBs) booked their category more than 177 times.

The retail investors applied for over 46.95 crore shares against the 6.29 lakh shares set aside for them. The NIIs submitted bids for 36.35 crore shares against 2.7 lakh shares on offer. The QIBs, on the other hand, applied for nearly 6.12 crore shares compared to 3.45 lakh shares reserved for the category.

Rajputana Biodiesel IPO details

Rajputana Biodiesel IPO, a book-built issue worth ₹24.7 crore, comprised entirely a fresh issuance of 19 lakh shares.

The IPO price band was set between ₹123 and ₹130 per share. The minimum application size for retail investors was a single lot of 1,000 shares, amounting to an investment of ₹1,30,000.

For the High Net Worth Individuals (HNIs), the minimum investment amount was ₹2,60,000 for at least two lots or 2,000 shares.

Maashitla Securities Private Limited is the IPO registrar and GYR Capital Advisors Private Limited is its book-running lead manager. Giriraj Stock Broking is the Rajputana Biodiesel Limited IPO’s market maker.

Madhuri Surana, Sudeep Soni, Tanay Attar and Sarthak Soni are the promoters of the company. The promoters owned 90% of the stake in the company before the IPO. Their ownership will be reduced to 65.68% of total shareholding after the IPO.

Rajputana Biodiesel IPO allotment status and listing date

The Rajputana Biodiesel IPO allotment status is scheduled to be finalised on Friday, November 29. The company will also initiate refunds on the same day. Shares are expected to be credited to the demat accounts of successful applicants by Monday, December 2.

The IPO listing has been scheduled for Tuesday, December 3. Shares of the company will be listed on the NSE SME platform, Emerge.

Rajputana Biodiesel IPO objective

Rajputana Biodiesel Limited plans to utilise the IPO proceeds for several key purposes. The company plans to provide a loan to its subsidiary, Nirvaanraj Energy Private Limited (NEPL), located in Meerut, Uttar Pradesh, to support capital expenditure for the expansion of its existing manufacturing facility. Additionally, a portion of the funds will be allocated to meet the company's working capital requirements. Finally, the remaining funds will be used for general corporate purposes.

About Rajputana Biodiesel Limited

Rajputana Biodiesel Limited was founded in 2016. The company is primarily engaged in the manufacturing and distribution of biofuels and byproducts, such as fatty acids and glycerine. The company’s production plant is located in Phulera, Rajasthan. Bio-diesel, crude glycerine, caustic potash flakes, waste sludge, used cooking oil, esterified fatty acid, methanol, citric acid, refined rice oil, crude sunflower oil, sodium methoxide and RBD palm stearin are among the major products offered by the company.