Rexpro Enterprises IPO Day 3: Check GMP, Subscription Status, Allotment And Listing Date

Rexpro Enterprises Ltd. launched its initial public offering (IPO) on Wednesday to raise Rs 53.65 crore from the primary markets and will close for bidding on Friday, Jan. 24. The SME issue was booked 6.36 times on Thursday and 2.85 times on Day 1, led by interest from retail investors.

Those looking to invest in the Rexpro Enterprises IPO must check out these key details about the offer, price band, GMP and more. 

Rexpro Enterprises IPO is a mix of a fresh issue of 32.50 lakh shares amounting to Rs 47.13 crore and an offer for sale of 4.50 lakh shares worth Rs 6.53 crore. The issue's price band has been set at Rs 145 per share, wherein retail investors must bid for at least 1,000 shares in a single lot. This takes the minimum investment to Rs 1,45,000.

As per the company's RHP document, of the 37,00,001 shares offered:

• 17,57,000 (47.49%) is reserved for Non-institutional Buyers

• 17,57,000 (47.49%) is reserved for Retail Investors

Cameo Corporate Services Ltd. is the registrar for the Rexpro Enterprises IPO, while Horizon Management Pvt. will act as its book-running lead manager. Giriraj Stock Broking Pvt. is the market maker for this NSE SME issue.

The Rexpro Enterprises IPO has been subscribed 12.51 times as of 1:59 p.m. on Friday:

• NII category: 4.55 times

• Retail investors: 20.46 times

Subscription status will be updated at regular intervals.

Rexpro Enterprises IPO GMP (grey market premium) was Rs 22 apiece as of 12:24 p.m. on Jan. 24, according to InvestorGain. This implies a listing gain of 15.17% over the upper end of the price band. As per the latest GMP, the projected listing price of the shares is expected to be Rs 167 apiece.

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

Share allotment for the Rs 53.65-crore Rexpro Enterprises IPO is likely to be done on Monday, Jan. 27, with successful bidders getting their credit of shares to Demat accounts on Jan. 28. Refunds for non-allottees will also be initiated on the same day.

Rexpro Enterprises' shares will likely be listed on the NSE SME platform Emerge on Wednesday, Jan. 29.

The IPO was subscribed 6.36 times on Thursday:

• NII category: 1.76 times

• Retail investors: 10.97 times

Furniture manufacturing company Rexpro Enterprises Ltd. makes furniture for offices, hospitals, government offices, and the growing home segment. Based in Vashi, Maharashtra, the company has clients across industries including fashion, lifestyle, electronics, grocery, beauty, telecom and more. Some of its prominent clients are One RX India (Samsung), Shoppers Stop, Hindustan Unilever, Lenskart, Marks & Spencer Reliance India Pvt. 

Rexpro Enterprises Ltd. reported a revenue of Rs 49.56 crore and a net profit of Rs 4.08 crore for the period up to Sept. 30, 2024. In FY24, the company’s top line rose 32% year-on-year to Rs 83.01 crore from Rs 62.89 crore in FY23. Profit during this period rose multiplefold to Rs 5.18 crore from Rs 63 lakh.

The company will use a part of the fresh proceeds from the IPO to purchase equipment, support renovation and pursue inorganic growth. A portion of the IPO funds will also 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.