Rapid Fleet IPO Day 3: Check GMP, Subscription Status, Allotment Date And More
The IPO of Rapid Fleet Management Services was fully subscribed on Tuesday, here's all you need to know about the SME IPO.
The initial public offering of Rapid Fleet Management Services Ltd., a specialist in providing logistics services for B2B and B2C clients, that launched its issue on Mar. 21, will close for subscription today.
The company aims to raise nearly Rs 44 crore from investors in the primary market. The SME IPO has so far received a subdued response from the investors with the issue being subscribed only 0.44 times on Monday.
As bidding for the IPO resumes on its final day, here's all you need to know about Rapid Fleet Management Services IPO.
Rapid Fleet IPO Details
Rapid Fleet Management Services IPO is a book-built issue comprising a fresh issue of 22.85 lakh shares offered at a price band of Rs 183 to 192 apiece. The IPO offer size is valued at Rs 43.87 crore at the upper price band.
Retail investors can submit bids in the public offer with a minimum lot size of 600 shares, requiring an investment of Rs 1,15,200.
As per the company's RHP document, of the 22,84,800 shares offered - 3,72,600 (16.31%) is allocated to qualified institutions, 2,79,600 (12.24%) is allocated to non-institutional investors, 6,52,200 (28.55%) is allocated to retail investors and 5,58,600 (24.45%) is allocated to anchor investors.
Gretex Corporate Services Ltd. is the book-running lead manager of the Rapid Fleet IPO. Bigshare Services Pvt. is the registrar and MLB Stock Broking Pvt. is the market maker for the IPO.
Mr. Anand Poddar and Ms. Shruti Poddar are the promoters of the company. Rapid Fleet IPO had already raised Rs 10.73 crore from anchor investors ahead of its opening.
Rapid Fleet IPO Day 3 Subscription Status
The Rapid Fleet IPO has been subscribed 1.61 times as of 3:24 p.m. on Tuesday.
Qualified Institutions: 1.07 times
Non-Institutional Buyers: 4.37 times
Retail Investors: 0.74 times
*The subscription status will be updated at regular intervals
Rapid Fleet IPO GMP Today
The latest grey market premium for the Rapid Fleet IPO stood at Rs 0 on Mar. 25, according to InvestorGain. It indicates that the IPO could see a flat listing. Unlisted shares of the company were trading at Rs 192 apiece in the grey market.
Note: Please note that GMP is not an official data source, and is based on speculation.
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Rapid Fleet IPO Important Dates
The subscription window for the Rapid Fleet IPO will be open between Mar. 21 and Mar. 25. Allotment for the IPO is proposed to be finalised by Mar. 26. Shares of Rapid Fleet Management Services will be credited to the Demat account of successful bidders on Mar. 27, and refund for non-allottees will also be initiated on the same day.
Shares of Rapid Fleet Management Services are proposed to be listed on the NSE SME platform, Emerge, on Mar. 28.
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Use of Proceeds
The company has proposed to use the net proceeds from the IPO to buy vehicles and fund working capital requirements. A portion of the money raised in the IPO will also be used for 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.
