The initial public offering (IPO) of Rajesh Power Services Ltd (RPSL), which offers power infrastructure solutions and a range of services from design to maintenance, has opened for subscription on November 25 and will close on November 27.
The allotment of IPO shares is scheduled for November 28. The company, which operates as an engineering, procurement, and construction (EPC) contractor and provides services to both the renewable and non-renewable power sectors, will likely debut on the stock exchange on December 2.
The company specializes in turnkey projects for laying extra high voltage (EHV) cables and transmission lines, setting up EHV substations, and implementing underground power distribution systems.
It also provides operations and maintenance services for solar plants and EHV substations and offers utility services to power plants and transmission companies. These include cable fault location, transformer replacement, and switchgear retrofitting.
Rajesh Power Services IPO Size
The IPO consists of a fresh equity issue worth Rs 93.47 crore and an offer for sale (OFS) of 20 lakh shares. The company aims to raise Rs 160 crore through the issue, with the shares set to list on the BSE Emerge platform.
Rajesh Power Services IPO Price Band
Rajesh Power has fixed the price band for the IPO at Rs 319-335 per share. Investors can bid for a minimum of 400 shares and in multiples thereafter.
Rajesh Power Services IPO GMP
The shares are commanding a grey market premium (GMP) of Rs 90, which means that the shares are trading with a potential 27% upside over the issue price.
Rajesh Power Services IPO: Other Important Details
Rajesh Power plans to use the funds raised from the IPO to purchase equipment for cable identification, testing, and fault location, set up a 1,300 kW DC solar power plant, and develop in-house technical expertise for green hydrogen production and associated equipment. Additionally, the proceeds will be used to meet working capital requirements and for general corporate purposes.
ISK Advisors is the book-running lead manager for the IPO, while Bigshare Services is the registrar.
