Ramdevbaba Solvent IPO: The IPO of Ramdevbaba Solvent Ltd, which will close on April 18, has received good response from investors. The price was fixed at Rs 80-85 per share. Till 10:24 am on the last day of offering on Thursday, the Rs 50.27-crore SME IPO attracted 20.99 times subscription and received bids for 8,29,42,400 shares against 39,52,000 shares on offer.
The IPO of Ramdevbaba Solvent was opened for public subscription on April 15.
The non-institutional investor category was subscribed 35.68 times while the retail investor section (RIIs) attracted 26.27 times subscriptions. The QIB category received 0.30x the subscription.
The share allotment of the Ramdevbaba Solvent IPO will take place on April 19, while the shares will be listed on the NSE SME on April 23.
Ramdevbaba Solvent IPO GMP today
According to market observers, unlisted shares of Ramdevbaba Solvent Ltd are trading Rs 27 higher in the gray market compared to the issue price. The gray market premium or GMP of Rs 27 means the gray market expects a listing gain of 31.76 per cent from the public issue. The GMP is based on market sentiment and is constantly changing.
“Gray market premium” indicates investors’ willingness to pay more than the issue price.
Ramdevbaba Solvent IPO details
Ramdevbaba Solvent's IPO, which is a book-built issue worth Rs 50.27 crore, is a pure fresh issue of 59.14 lakh shares.
The price range for the IPO is Rs 80 to Rs 85 per share. The minimum lot size for registration is 1,600 shares. The minimum investment amount required for retail investors is Rs 1,36,000. The minimum investment size for HNI is 2 lots (3,200 shares) worth Rs 2,72,000.
Choice Capital Advisors Pvt Ltd is the underwriter of Ramdevbaba Solvent IPO while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Ramdevbaba Solvent IPO is Choice Equity Broking.
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Established in 2008, Ramdevbaba Solvent Limited produces and sells physically refined rice bran oil. The Company is engaged in manufacturing, distributing, marketing and selling rice bran oil to FMCG companies such as Mother Dairy Fruit & Vegetable Private Limited, Marico Limited and Empire Spices and Foods Ltd. The company also manufactures, markets and sells rice bran oil under its own brands 'Tulsi' and 'Sehat' through 38 distributors, who in turn sell to various retailers in Maharashtra.
Sales increased by 20.35 percent and profit after tax (PAT) increased by 97.25 percent in the 2022/23 financial year.
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