Rappid Valves IPO subscribed over 176 times on high demand from NIIs, retail investors

Rappid Valves India Limited IPO closed with a robust demand on the third and final day of bidding on September 25, as the public issue was booked more than 176 times.

The NSE SME issue received bids for over 16.04 crore shares against 9.1 lakh shares on offer, leading to an overall subscription of 176.13 times.

Rappid Valves IPO received bids for over 4.96 crore shares compared to 4.55 lakh shares reserved for the retail category, leading to a subscription of 109 times in the segment.

The Non-Institutional Investors’ (NIIs) portion of Rappid Valves IPO was booked 491.84 times. The NIIs placed bids for over 9.62 crore shares compared to 1.95 lakh shares reserved for the category.

Qualified Institutional Buyers(QIBs) placed bids for over 1.45 crore shares of against 2.59 lakh shares set aside for the category. The QIBs quota was booked 55.97 times.

Rappid Valves IPO issue size and other details

The ₹30.41-crore book-building issue of Rappid Valves India Limited consisted of an entirely fresh issue of 13.7 lakh shares.

The IPO price band was fixed at ₹210 to ₹222 per share. The minimum lot size for retail investors was fixed at 600 shares, which aggregated to an investment of ₹1,33,200.

Rappid Valves IPO share allotment status and listing date

The IPO was open from September 23 to September 25.

Rappid Valves IPO share allotment status is likely to be finalised by Thursday, September 26. Subsequent to the allotment of shares, refunds will be initiated for unsuccessful bidders on Friday, September 27, and successful bidders will receive shares of the company in their Demat accounts the same day.

Shares of Rappid Valves India Limited will be listed on the NSE SME platform, Emerge. The IPO listing has been scheduled for Monday, September 30.

Rappid Valves IPO: Registrar

The IPO book-running lead manager is Shreni Shares Limited and the registrar for the issue is Link Intime India Private Ltd.

Rappid Valves IPO objective

Rappid Valves plans to use the money raised via the public issue for the purchase of a new plant, machinery and software for the company. The proceeds of the public issue will be used for the renovation of the company’s office and existing manufacturing unit. A portion of the proceeds will also be used for repayment of loans. The company has also planned to utilise funds for acquisitions and general corporate purposes.

About Rappid Valves India

Rappid Valves India Limited was incorporated in 2002. The company is a manufacturer of different types of valves such as ball valves, gate valves, globe valves and other such products. The company employed 47 workers at its manufacturing plant, as of June 30, 2024.