Shares of Rappid Valves (India) Ltd. listed on the NSE SME platform Emerge at Rs 312 on Monday, a premium of 40.5% or Rs 90 over the issue price of Rs 222 at the upper end of the price band. This means investors who bought one lot of the IPO made Rs 54,000 against an investment of Rs 1,33,200.Shares of Rappid Valves (India) ended the session 0.96% higher at Rs 315 apiece on the NSE after touching an intraday high of Rs 327.60.Rappid Valves IPO GMPThe listing price was lower than the grey market premium of the IPO. Rappid Valves IPO GMP hinted at a premium of Rs 100 over the issue price on Monday, just ahead of the shares getting listed. As per InvestorGain, the projected listing price of the initial public offering of Rappid Valves was showing at Rs 322 per share.Investors must note that GMP is highly speculative and does not indicate the official price of a stock.Paramount Dye Tec IPO Set To Open On Sept. 30 — Check Price Band, Key Dates And MoreRappid Valves IPO DetailsRappid Valves IPO opened for bidding between Sept. 23 and Sept. 29 and was subscribed 176.06 times. Non institutional investors subscribed their allocation 491.49. Qualified institutional buyers booked their quota by 55.97 times, whereas retail individual investors bid for 109.09 times the shares allocated for them.The offer was an entirely fresh issue of over 13.69 lakh shares, amounting to Rs 30.41 crore. Price band for the IPO was set between Rs 210 to Rs 222 per share.Share allotment for the IPO was finalised on Sept. 26. Link Intime India Pvt. was the registrar for the issue.Rappid Valves IPO: Use Of Funds And Objectives The company said that it would use the net proceeds from the issue for capital expenditure, which includes purchasing of new plant and machinery, renovations of its registered office and software upgrades. A portion of the funds will also be used for debt settlement and acquisitions to promote inorganic growth initiatives. The remaining will be used for general corporate purposes.Subam Papers IPO Opens On Sept. 30: Check GMP, Price Band And MoreAbout Rappid Valves (India) Ltd.Rappid Valves (India) Ltd. specialises in manufacturing valve solutions. Founded in 2002, the company provides several types of valves, including ball, gate, globe, butterfly, check, double block, filter and marine valves. These valves, with a range of sizes, are made with ferrous and non-ferrous materials. Stock Market Live: Nifty Falls Below 26,000; Sensex Below 85,000Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.