Ramdevbaba Solvent IPO price band set at ₹80-85 per share: 5 things to know ahead of launch on April 15

Ramdevbaba Solvent Ltd IPO will open for subscription on the NSE SME platform on April 15. The company has announced the price band for the public issue at ₹80-85 per share. The company, which manufactures and markets rice bran oil, seeks to raise ₹50.27 crore through the IPO. It will be the third IPO of the new financial year 2024-25.

Here are the top five things you should know about the Ramdevbaba Solvent Ltd IPO before bidding:

1. Ramdevbaba Solvent Ltd IPO subscription date

Ramdevbaba Solvent Ltd IPO will open for subscription on Monday, April 15, and closes on Thursday, April 18. The SME IPO listing is tentatively scheduled on April 23. Shares of Ramdevbaba Solvent Ltd will be listed on the NSE SME platform, Emerge.

2. Ramdevbaba Solvent IPO share allotment

Ramdevbaba Solvent is expected to finalise share allotment on April 19, 2024. Following the share allocation, the company is expected to initiate refunds for unsuccessful bidders on April 22. The transfer of shares to the Demat accounts of successful bidders is also likely to be done the same day.

3. Ramdevbaba Solvent Ltd IPO offer size

Ramdevbaba Solvent Ltd IPO comprises a fresh issue of 59.14 lakh shares and no offer for sale (OFS) component. The company has fixed the price band at ₹80-85 per share of face value ₹10 each. The lot size fixed for retail investors is 1,600 shares. The minimum investment for retail investors is ₹1,36,000 for a single lot size and in multiples thereof.

Choice Capital Advisors Pvt Ltd is the book running lead manager. Bigshare Services Pvt Ltd is the registrar for the IPO. Choice Equity Broking is the market maker for Ramdevbaba Solvent IPO.

4. Ramdevbaba Solvent IPO purpose

The company has proposed to use IPO proceeds in setting up a new manufacturing facility, repayment of outstanding dues and loans and funding working capital requirements and general corporate purposes.

Ramdevbaba Solvent plans to invest ₹18.81 crore to set up a new manufacturing facility of corn extraction having a capacity of 300 tons per day in Nagpur, Maharashtra.

The company operates two manufacturing facilities in Nagpur. The facilities comprise three solvent extraction facilities of 2,55,000 MTPA capacity and two oil refinery facilities of 48,000 MTPA capacity.

It will use ₹8.41 crore for repayment, in full or in part, of certain of outstanding borrowings and ₹12 crore for funding working capital requirements.

5. About Ramdevbaba Solvent

The company manufactures, distributes, and markets physically refined rice bran oil. Ramdevbaba supplies rice bran oil to FMCG firms, including Empire Spices and Foods Ltd, Mother Dairy Fruit & Vegetable and Marico Limited.

The company reported revenues of ₹697.75 crore for the financial year ended on March 31, 2023 against ₹265.83 crore in the previous year.

To know more about IPOs listing, schedule and upcoming IPOs, click here