The IPO allotment for Rajesh Power Services has been finalised, following a 59 times oversubscription. Investors can check their status online. The company shares expected to list on December 02, 2024.
Rajesh Power Services IPO allotment: The allotment for Rajesh Power Services has been finalised. Investors can check their allotment status through the registrar, Bigshare Services, or on the BSE website.
The IPO, which was open for subscription from November 25 to November 27, saw a healthy response from investors, being oversubscribed by 59 times.
Specifically, the NII segment was oversubscribed 138.46 times, while the QIB portion was oversubscribed 46.39 times. The retail portion has also been booked at 31.96 times, as per the exchange data. The IPO price was set between ₹319 and ₹335 per share.
Given the high level of retail oversubscription, shares will be allocated to retail individual investors (RIIs) on a proportional basis. Those who do not receive an allotment can expect the refund process to start on November 29, 2024.
Shares allotted will be credited to investors’ demat accounts on the same day as the refunds. The SME IPO is expected to be listed on the BSE SME platform, with a tentative date of December 02, 2024.
The company intends to utilise the net proceeds for several key purposes, including capital expenditure for the purchase of cable identification, testing, and fault location equipment.
Additionally, the company also said it will use funds to set up a 1300 KW DC solar power plant and to support in-house development of technical expertise for the production of green hydrogen, along with associated equipment such as electrolysers.
The proceeds will also be allocated towards meeting additional working capital requirements and for general corporate purposes.