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Rockingdeals Circular Economy surges 125% on debut; gets locked in UC

30 November 20233 mins read by Angel One
The small and medium enterprise's initial public offering received a massive response from investors during its bidding period from November 22 to 24.
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Stock Performance 

Today shares of Rockingdeals Circular Economy Ltd opened at Rs 300 on the NSE SME platform from its issue price of Rs 140 a share. After its initial public offering, the SME was subscribed over 213 times last week. After opening on the exchange, the stock surged by 5% to Rs 315, got locked in the upper circuit and was left with only buyers. From the issue price of Rs 140, the stock has given a return of 125% to Rs 315 just in a day to the investors.

Highlights on IPO 

The small and medium enterprise (SME) initial public offering (IPO) received a massive response from investors during its bidding period from November 22 to 24. The retail category was oversubscribed by 201.42 times, the qualified institutional buyers (QIPs) category by 47.4 times, and the non-institutional investors (NIIs) category by a staggering 459 times.

The IPO, valued at Rs 21 crore, consisted entirely of a fresh issue of 15 lakh shares. The company intends to utilize the net proceeds to meet working capital requirements and strengthen its brand positioning through marketing and advertising initiatives.

About the company 

Rockingdeals, a company established in 2005, specializes in buying and selling surplus inventory in bulk. They offer services that assist businesses in effectively managing their excess stock. Their straightforward and transparent process benefits both sellers and buyers, resulting in a mutually beneficial outcome.

Rocking Deals handles a wide variety of products, covering over 18 categories of Stock Keeping Units (SKUs). Their offerings include electrical appliances from brands like Syska, Havells, and LG; apparel and footwear from brands like Zara and Nike; speakers from brands like Boat, JBL, and Gizmore; and a variety of other products, including mobiles and accessories. These items are sourced from e-commerce vendors such as Snapdeal (Juscorp), Flipkart, and Amazon affiliates, as well as companies like GO Auto, Salora International, Zazz Technology Connect Private Limited, and dealers/distributors such as Matrix Housewares, Raj Agency, and Sudhi Enterprises.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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