Rajesh Power Services IPO Allotment Today; GMP Rises Ahead Of Listing

The initial public offering of Rajesh Power Services Ltd. received a good response from investors as the SME issue was subscribed more than 50 times on its final day of bidding.

The share allotment of Rajesh Power Services IPO is likely to be finalised on Thursday, November 28.

The SME IPO was subscribed 59 times on the final day of bidding. Investors applied for 18,96,20,000 shares as compared to 32,09,600 shares on offer.

The Non-institutional investors (NIIs) applied for 9,59,46,400 shares against the 6,91,200 shares set aside for them, subscribing to their quota by 138.81 times. The Qualified Institutional Buyers (QIBs) booked their category 46.39 times with applications for 4,23,84,000 shares against the 9,13,600 shares on offer. 

The retail investors applied for 5,12,89,600 shares as compared to 16,04,800 shares reserved for them, subscribing their quota by 31.96 times. 

The investors, who have applied for the Rajesh Power Services IPO, can check their share allotment status on the websites of BSE and Bigshare Services, the registrar for the issue.

• Go to the IPO allotment page on the BSE website here.

• Under the Issue Type option, select ‘Equity’. 

• Choose 'Rajesh Power Services Ltd.' from the dropdown menu. 

• Enter your IPO application number or PAN (Permanent Account Number). 

• Verify the 'Captcha' to prove that you are not a robot.

• Press the 'Search' option to check your allotment status.

• Visit the IPO allotment page on Bigshare Services website here.

• Choose one server among the three options.

• Select ‘Rajesh Power Services Ltd.’ from the Company Name.

• Enter your details (Application No., Beneficiary ID or PAN).

• Clear the Captcha.

• Click Search to get details of your allotment status.

The grey market premium of Rajesh Power Services IPO was Rs 81 as of 11:31 am on November 28, according to InvestorGain. This indicates a listing gain of 24.18%. Shares of Rajesh Power Services are anticipated to list at Rs 416 at the upper end of the price band.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

Rajesh Power Services IPO price band was set between Rs 319 to Rs 335 per share. The IPO is a combination of a fresh issue of 27.9 lakh shares worth Rs 93.47 crore, and an offer-for-sale (OFS) portion of 20 lakh shares worth Rs 67 crore.

Bigshare Services Pvt. Ltd. is the registrar for the issue, while ISK Advisors Pvt. Ltd. is its book running lead manager.

Rajesh Power Services shares are expected to be listed on the BSE SME on December 2.

Established in 1971, Rajesh Power Services offers Engineering, Procurement, and Construction (EPC) contracting services to state transmission and distribution companies, as well as private utilities. The company specialises in EPC services for Extra High Voltage (EHV) Underground Cables and Transmission Lines, HV/MV/LV Underground Cable Laying, Overhead MVCC Conductor Installation, and other related services. Its prominent clients include GIFT City Gujarat, Gujarat Metro Rail Corp., Adani Renewables and Reliance Industries Limited.

Use of Proceeds

The company proposes to utilise the funds raised through the public offer for purchasing equipment required for cable identification, testing, and fault location. Additionally, a portion of the proceeds will be allocated towards setting up a 1,300 KW DC Solar Power Plant. The company also plans to enhance its in-house technical capabilities for the production of Green Hydrogen and procure related equipment, including electrolysers. The remaining portion will be used for working capital needs and general corporate purposes.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.