Rapid Fleet IPO opens for subscription: Check date, price band, lot size, objectives, and key details

Rapid Fleet Management Services IPO opened for public subscription on Friday, March 21. The issue, which has set a price band of ₹183 to ₹192 per share, will conclude on Tuesday, March 25.

The ₹43.87 crore initial share sale is exclusively a fresh issuance of 22.85 lakh shares.

The net issue proceeds will be utilised for the purchase of vehicles, working capital needs, and corporate general purposes.

The company, according to its red herring prospectus (RHP), believes that listing will enhance its corporate image and brand and create a public market for equity shares.

Rapid Fleet IPO: Lot size

For retail investors, the lot size is 600 shares, needing a minimum investment of ₹1,09,800. The least investment for high net-worth individuals is ₹2,30,400.

The company has reserved 50% of the net offer for qualified institutional buyers (QIBs), 35% for retail investors and 15% for non-institutional investors.

Rapid Fleet IPO: Allotment and listing date

The book-running lead manager for the IPO is Gretex Corporate Services Ltd, while the registrar is Bigshare Services Pvt Ltd.

About the company

Rapid Fleet Management Services offers logistics services to meet the needs of B2B and B2C customers. The company has a fleet of 226 vehicles and services various industries, including tyres, logistics, electronics, renewable energy, FMCG, chemicals, FNB, and durables.

The company has its own mobile application to ensure 24/7 operations.