Rulka Electricals IPO: The closing of the initial public offering (IPO) of electrical service company- Rulka Electricals has been completed. This IPO has received a strong response from investors and there are indications of bumper profits in the gray market too. Let us know the details of the IPO.
How much subscription did you get?
Rulka Electricals’ IPO received 677 times subscription on the last day of bidding on Tuesday. Under this, bids were received from investors for 50,59,96,200 shares as compared to 7,47,600 shares. In this also, the retail category has received 658 times subscription while the Non-Institutional Investor (NII) category has received 1350 times subscription. Qualified Institutional Buyers (QIBs) have also subscribed 204.22 times.
What is the price band?
The Mumbai-based electrical services company has fixed the price band for the IPO at Rs 223-235 per share. The IPO is indicating to be listed in the gray market with a premium of 170%. If this happens then the listing of shares may cross ₹400.
Let us tell you that the IPO opened on 16th May and closed on 21st May. The shares will be listed on Emerge, the SME platform of NSE. New shares worth 8.42 lakh were issued in the IPO. This also includes an offer for sale (OFS) of 2.8 lakh shares. Let us tell you that this company came into existence in the year 2013. The investors who started it were Rupesh Laxman Kasavkar and Nitin Indrakumar.
Anchor Investors’ Bets
The anchor book subscription of this IPO had participation from leading investors such as BofA Securities Europe SA – ODI, Negen Undiscovered Value Fund, Galaxy Noble Global Opportunities Fund PCC – Benani Capital – Benani Capital Scheme 1, North Star Opportunities Fund VCC – Bull Value Incorporated.
Beeline Capital Advisors Pvt Ltd is the sole book running lead manager to the offering, while BigShare Services Pvt Ltd is the registrar.
