Rudra Gas Enterprise IPO oversubscribed 350 times on final day, check key details
3 min read • Updated: February 13, 2024, 3:57 PM
The Rudra Gas Enterprise IPO: The retail category received the maximum bidding as the IPO subscribed 404.38 times while the non-institutional investors’ category subscribed 286.62 times, on the last day, February 12.
Rudra Gas Enterprise, a leading player in the infrastructure sector, has seen a strong demand for its Initial Public Offering (IPO). The IPO subscription started on February 8 and closed on February 12.
Rudra Gas Enterprise aims to raise approximately ₹14.16 crore through the IPO. The price band was fixed at ₹63 per equity share, with a minimum lot size of 2,000 shares. The minimum investment amount for retail investors was ₹1,26,000. The IPO is categorised into a 50% retail quota and a 50% Non-Institutional Investors (NII) quota, meaning, investors like you and I can subscribe for 50% of the total number of shares issued.
Rudra Gas Enterprise IPO subscription details
As of the third day of subscription, the IPO has got a stellar response from the investors as it was oversubscribed more than 350 times on the third and final day. The retail category received the maximum bidding as the IPO subscribed 404.38 times while the non-institutional investors’ category subscribed 286.62 times, on the last day, February 12. In the retail category, the IPO received bids for over 43.1 crore shares compared to 10.66 lakh shares on offer.
Rudra Gas Enterprise IPO: Offer size and other details
The company plans to use the proceeds from the fresh issue of 22,48,000 equity shares to meet its general objectives and working capital needs.
Beeline Capital Advisors is serving as the book running lead manager, while Link Intime India Private Ltd. is the registrar. Spread X Securities is the designated market maker for the IPO.
Rudra Gas Enterprise IPO is scheduled to be listed on BSE SME likely on February 15. The basis of allotment is expected to be finalised on February 13, with refunds initiated on February 14. Shares are likely to be credited to the demat accounts of allottees on the same day.
Rudra Gas Enterprise is primarily involved in various infrastructure-related activities, including gas distribution network projects, fiber cable networks, and renting of construction machinery and vehicles. With a focus on city gas distribution, their services ensure the safe and efficient transportation of essential resources like Compressed Natural Gas (CNG) and Piped Natural Gas (PNG). Additionally, the company offers installation and maintenance services for optical fiber cable networks.
A strong presence in the infrastructure sector and a promising IPO are giving investors an opportunity to participate in the growth story of Rudra Gas Enterprise. However, as always, potential investors are advised to conduct thorough research and consult with financial experts before making any investment decisions.
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