Rappid Valves IPO Day 1: Issue booked over 2.5 times on high retail demand; check price band and other key details

Rappid Valves India Limited IPO saw strong demand across investor categories on Monday, September 23, the first day of bidding, as the NSE SME issue was fully subscribed within hours of launch.

The valve solutions provider's initial public offering (IPO) was booked 2.61 times, with bids for more than 23.84 lakh shares against 9.1 lakh shares on offer, the NSE data at 5 p.m. showed.

The retail portion of the IPO saw the highest demand. The retail individual investors applied for more than 19.75 lakh shares against 4.55 lakh shares set aside for them, leading to a subscription of 4.33 times in the category.

The Non-institutional investors (NIIs) applied for more than 4.08 lakh shares against the 1.95 lakh shares set aside for the category, achieving a subscription of 2.08 times.

Qualified Institutional Buyers’ (QIBs) portion did not receive any application. The company has set aside 2.59 lakh shares for the segment.

Rappid Valves IPO offer size, price band and minimum investment

The ₹30.41-crore book building offer consists of entirely a fresh issue of 13.7 lakh shares. Rappid Valves IPO price band has been fixed at ₹210 to ₹222 per share.

Retail investors can apply for at least a single lot size of 600 shares, amounting to a minimum investment of ₹1,33,200. For High Net-Worth Individuals (HNIs), the minimum investment involves applying for 2 lots (1,200 shares) totalling ₹2,66,400.

Rappid Valves IPO dates

Rappid Valves IPO is open for subscription from September 23 to September 25. The IPO allotment status is expected to be finalised on September 26.

Refunds for non-allottees and the credit of shares to the Demat accounts of successful bidders will be initiated on September 27.

The company's shares are likely to be listed on the NSE SME platform on Monday, September 30.

Rappid Valves IPO registrar

Link Intime Private Limited serves as the registrar for the Rappid Valves IPO with Shreni Shares Limited acting as the book running lead manager.

The market maker for Rappid Valves IPO is Rikhav Securities Limited.

Rappid Valves IPO objective

Rappid Valves India Limited plans to use the net proceeds from the public offer to fund capital expenditures for acquiring new plants, machinery, and software, as well as renovating its registered office and existing manufacturing facility. A portion of the funds will also be used for repaying and prepaying borrowings and general corporate purposes.

About Rappid Valves (India) Limited

Established in 2002, Rappid Valves (India) Limited specialises in producing a wide variety of valve solutions, including ball, gate, globe, butterfly, check and marine valves. It’s primarily an engineering company involved in producing valve solutions across sectors.

The company operates a well-equipped manufacturing facility with advanced CNC machinery and quality testing tools. It produces valves ranging from 15mm to 600mm, using both ferrous and non-ferrous materials.

Rappid Valves has offices in Dahej, Ahmedabad, Pune and Noida.