Rajesh Power Services Sees 2.98x Subscription on Day 2 as of 11:57 AM

Rajesh Power Services IPO, one of the upcoming IPOs in India, is a book-built issue valued at ₹160.47 crores. The issue consists of a fresh issue of 27.9 lakh shares worth ₹93.47 crores and an offer for sale of 20 lakh shares worth ₹67.00 crores.

The IPO opened for subscription on November 25, 2024, and will close tomorrow, November 27, 2024. Allotments are expected to be finalised on November 28, 2024, with the listing is likely to be on December 2, 2024, on the BSE SME platform.

The price band for the IPO is set between ₹319 and ₹335 per share. The minimum lot size for an application is 400 shares, and retail investors need to invest a minimum amount of ₹134,000.

As of November 26, 2024, at 9:57 AM, the Rajesh Power Services IPO GMP stands at ₹60.

The company plans to use the net proceeds for several purposes, which include,

• Capital expenditure, i.e., the purchase of cable identification, testing, and fault location equipment, the establishment of a 1,300 KW DC Solar Power Plant, and the in-house development of technical expertise for the production of Green Hydrogen, along with associated equipment such as Electrolysers.
• General corporate purposes.
• Additional working capital requirements.

Rajesh Power Services IPO Subscription Status

• On Day 1, November 25, 2024, the IPO was subscribed 1.90 times. The retail category was subscribed 2.79x, the QIB category was subscribed 0.00x and the NII category was 2.35x.
• On Day 2, November 26, 2024, as of 11:57 AM, the IPO was subscribed 2.98 times. The retail category was subscribed 4.52x, the QIB category was subscribed 0.00x and the NII category was subscribed 3.34x.

Rajesh Power Services Limited

Rajesh Power Services Limited (RPSL) provides services in both the Renewable and Non-Renewable power sectors. In the Renewable sector, the company offers technical services for setting up solar power plants, including turnkey projects and maintenance operations. In the Non-Renewable sector, RPSL specialises in implementing turnkey projects for Extra High Voltage (EHV) cables, substations, and underground power distribution systems. RPSL also provides Operations and Maintenance (O&M) services for solar plants and EHV substations.

Additionally, the company offers utility services like cable fault location, transformer replacement, and retrofitting switchgear, along with consultancy services for power substations and cable systems. RPSL serves both government and private clients in power generation, transmission, and distribution.

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.