Rajputana Biodiesel IPO Booked Over 700 Times On Day 3; Check GMP, Allotment And Listing Date

The initial public offering from Rajputana Biodiesel Ltd. which opened for subscription on November 26, continued to receive a stellar response from the investors as the issue was subscribed more than 700 times on Thursday. The SME issue was subscribed more than 85 times on Day 2.

The IPO was fully subscribed on Day 1 and was booked 19.54 times on Tuesday. The Rs 24.7-crore IPO is an entirely fresh issue of 19 lakh shares.

Here's all you need to know about the SME issue.

The Rajputana Biodiesel IPO which opened for bidding on November 26 will conclude subscription on November 28.

The price band of the IPO was fixed between Rs 123 and Rs 130 per share. Retail investors have to buy at least a single lot of 1,000 shares, aggregating to a minimum investment of Rs 1,30,000.

GYR Capital Advisors Pvt. is the book-running lead manager for the SME issue, and Maashitla Securities Pvt. is the registrar. Giriraj Stock Broking is the market maker for the Rajputana Biodiesel IPO.

The IPO has been subscribed 717.10 times as of 4:51 p.m. on Thursday

• Qualified Institutions: 177.38 times

• Non-Institutional Buyers: 1,345.83 times

• Retail Investors: 743.24 times

Day 3 subscription status will be updated at regular intervals.

The grey market premium for the Rajputana Biodiesel public issue was Rs 100 at 3:26 p.m. on Nov. 28. The latest GMP indicates a potential listing gain of 76.92%, with an estimated listing price of Rs 230 per share.

The GMP has shown an upward trend since the beginning of this week. On Monday, the GMP stood at Rs 80, a day ahead of IPO opening.

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

The IPO was subscribed 87.56 times on Wednesday

• Qualified Institutions: 1.54 times

• Non-Institutional Buyers: 64.37 times

• Retail Investors: 144.70 times

Day 3 subscription status will be added soon and will be updated at regular intervals.

The share allotment status of Rajputana Biodiesel IPO is expected to be finalised on November 29. The shares will be credited to the demat accounts of successful bidders on December 2. Refunds for non-allottees will be initiated on November 29.

The Rajputana Biodiesel issue is scheduled to list on NSE SME on December 3.

The IPO was subscribed 19.54 times on Tuesday (Day 1)

• Qualified Institutions: 0.71 times

• Non-Institutional Buyers: 13.27 times

• Retail Investors: 32.56 times

Rajputana Biodiesel Ltd. was founded in 2016. The company produces and supplies biofuels and their by-products. Its product portfolio includes bio-diesel, crude glycerin, caustic potash flakes, and other such products.

Use Of Proceeds

The company plans to use the proceeds of the public issue for lending a loan to its subsidiary Nirvaanraj Energy Pvt. for expanding its manufacturing facility. Rajputana Biodiesel also plans to use the money raised via the public issue for funding its working capital requirements and for general corporate purposes.

Financials

Rajputana Biodiesel’s revenue from operations for the period ended July 31, 2024, stood at Rs 27.79 crore. The company had reported a net profit of Rs 2.59 crore in the July quarter of FY25.

In the financial year 2023–24, the company's revenue from operations stood at Rs 53.67 crore, marking a more than 127% year-on-year jump from Rs 23.54 crore in the preceding fiscal.

Net profit in FY24 rose over 169% to Rs 4.52 crore compared to the previous fiscal's Rs 1.68 crore.

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.