Ramdevbaba Solvent IPO subscription opens on April 15: Price band to listing date, key things to know

Ramdevbaba Solvent IPO, entirely a fresh issue of 59.14 lakh shares of a face value of ₹10 each, opens for subscription on Monday, April 15, and close on Thursday, April 18.

The SME public offer is a book-build issue worth ₹50.27 crore and will be listed on the NSE SME platform.

Ramdevbaba Solvent Ltd, a leading manufacturer of rice bran oil, has allocated not more than 50% of the net offer of the IPO to qualified institutional buyers (QIBs), not less than 35% to retail buyers and 15% to non-institutional investors (NIIs).

Ramdevbaba Solvent IPO has opened to a decent demand from the subscribers. The public issue was booked 70% within hours of opening of subscription.

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The maiden public offer of Ramdevbaba Solvent received bids for over 27.45 lakh shares against 39.2 lakh shares on offer for public investors, the NSE data till 11:10 am showed.

Ramdevbaba Solvent IPO offer size comprises 59.13 lakh shares, including over 3.13 shares for the Market Maker and an anchor allocation of 16.8 shares.

Key things to know about Ramdevbaba Solvent IPO

Ramdevbaba Solvent IPO price band: Ramdevbaba Solvent has fixed the price band for the IPO share at ₹80 to ₹85 per share. The minimum lot size for an application is 1,600 shares. The minimum amount retail investors will be required to invest is ₹1,36,000. The minimum lot size is fixed for high net worth individuals at 2 lots or 3,200 shares, requiring an amount of ₹2,72,000.

Ramdevbaba Solvent IPO allotment status: Ramdevbaba Solvent IPO share allotment is likely to be finalised on April 19. Once the allotment is done, successful bidders can check their share allotment status online on the NSE website or IPO registrar's portal.

The company will initiate refunds to unsuccessful applicants on April 22 and allot shares to successful bidders on the same day.

Ramdevbaba Solvent IPO share listing: Ramdevbaba Solvent Ltd shares are tentatively scheduled to be listed on the NSE SME platform on April 23, 2024.

Ramdevbaba Solvent raises ₹14.28 crore in anchor round: Ramdevbaba Solvent IPO raised ₹14.28 crore from anchor investors on April 12, ahead of IPO launch.

Ramdevbaba Solvent IPO registrar: Choice Capital Advisors Pvt Ltd has been appointed as the book-running lead manager of the Ramdevbaba Solvent public issue. Bigshare Services Pvt Ltd is the registrar and Choice Equity Broking is the market maker for the IPO.

Ramdevbaba Solvent IPO promoters' holding: Promoters Prashant Kisanlal Bhaiya, Nilesh Suresh Mohata and Tushar Ramesh Mohata hold 81.01% in the company.

About Ramdevbaba Solvent Ltd

Ramdevbaba Solvent, set up in 2008, manufactures, distributes, markets and sells physically refined rice bran oil. The company markets and sells rice oil brands under the 'Tulsi' and 'Sehat' names through its 38 distributors in Maharashtra.

The company also manufactures and sells its products to leading FMCG companies like Mother Dairy Fruit and Vegetable Private Ltd, Marico Ltd and Empire Spices and Foods Ltd.

Ramdevbaba Solvents has two manufacturing units based at Mahadula and Brahmpuri near Nagpur, Maharashtra.

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