The initial public offering of Chennai-based Rapid Fleet Management Services Ltd. was fully subscribed on the final day of bidding on Mar. 25. The IPO, which opened on Mar. 21, received a total subscription of 1.65 times at the end of the bidding process on Tuesday. Investors placed bids for a total of 21,52,200 shares, compared to 13,04,400 shares on offer.
The SME IPO witnessed a lukewarm response from retail investors and was booked only 0.81 times. Non-institutional buyers led the demand for shares in the Rapid Fleet IPO, with an oversubscription of 4.38 times. Qualified institutional buyers booked 1.07 times.
With the subscription window closed, all eyes are now on the share allotment, which is expected to be finalised on Wednesday, Mar. 26. Shares of Rapid Fleet Management Services Ltd. are expected to list on the NSE SME platform Emerge on Mar. 28.
Rapid Fleet IPO, open between Mar. 21 and Mar. 25, consisted entirely of a fresh issue of 22.85 lakh shares offered at a price band of Rs 183 to Rs 192. The total offer size is valued at Rs 43.87 crore.
Investors who bid in the Rapid Fleet IPO can verify the allotment status, once finalised, through the official website of the issue's registrar – Bigshare Services – and NSE.
How To Check Rapid Fleet IPO Allotment Status On Bigshare Services And NSE Website?
Steps To Check Rapid Fleet IPO Allotment Status On NSE:
To check the Rapid Fleet IPO allotment status, investors can go to the ‘IPO bids' section of the NSE.
Head to https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids.
Select RapidFleet in the designated section.
Enter PAN details.
Enter Application number details.
Hit submit to check the status.
Steps To Check Rapid Fleet IPO Allotment Status On Bigshare Services:
Choose one of the three servers available to verify your IPO allotment status.
Select the company name – Rapid Fleet Management Services Ltd. – from the drop-down menu of the IPO allotment status page.
Enter the investor details, such as PAN or Application/CAF Number or DP/Client ID.
Verify Captcha details.
Click on the search button to verify your allotment status in Rapid Fleet IPO.
Rapid Fleet IPO GMP Today
The latest grey market premium on the shares of Rapid Fleet Management Services Ltd. stood at Rs 0, indicating a possible flat listing. As per InvestorGain, shares of the company are likely to make a flat listing at the upper price band of Rs 192 if the current GMP trends are sustained.
Note: GMP does not present official data and is based on speculation.
Use Of Proceeds
Rapid Fleet Management Services Ltd. has proposed to use the net proceeds from the IPO to purchase vehicles for good carriage and fund working capital needs. A part of the proceeds will also be used for general corporate purposes.
Logistics provider Rapid Fleet Management Services caters to both B2B and B2C clients. It uses facilities such as real-time monitoring for shipments and FAST-TAG tracking, among others, for optimal customer experience. The company has a total fleet of 226 vehicles and serves industries, including Logistics, Electronics and FMCG.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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