The public offering of Rappid Valves India Limited concluded on September 25, with a strong demand as the offering was reserved more than 176 times on the third and last day of bidding.
With bids for more than 16.04 crore shares against the 9.1 lakh shares on offer, the NSE SME issue saw 176.13 times as many subscriptions overall.
Subscription across category
In contrast to the 4.55 lakh shares set aside for the retail category, bids for over 4.96 crore shares were received for the Rappid Valves IPO, resulting in 109 subscriptions in the segment.
In the Rappid Valves IPO, the Non-Institutional Investors (NIIs) portion was booked 491.84 times. In contrast to the 1.95 lakh shares set aside for the category, the NIIs submitted bids for over 9.62 crore shares.
Over 1.45 crore shares were bid on by Qualified Institutional Buyers (QIBs), compared to the 2.59 lakh shares reserved for the category. 55.97 bookings were made toward the QIB quota.
IPO listing timetable
Through September 23 to September 25, the IPO was open for bidding.
As of Thursday, September 26, the status of the Rappid Valves initial public offering (IPO) share allotment is probably set. The successful bidders will receive shares of the company in their Demat accounts the same day that the shares are allotted, and unsuccessful bidders will have their refunds started on Friday, September 27.
On the NSE SME known as NSE Emerging, shares of Rappid Valves India Limited will go public. On September 30, Monday, the IPO listing has been set for.
IPO size and price band
Rappid Valves India Limited's Rs 30.41 crore book-building offering comprised a completely new issuance of 13.7 lakh shares.
A fixed price range of Rs 210 to Rs 222 per share was set for the IPO. Retail investors were limited to a minimum lot size of 600 shares, resulting in an overall investment of Rs 1,33,200.
Utilisation of IPO proceeds
Rappid Valves intends to buy new equipment, software, and plants with the funds raised through the public offering. The public offering's earnings will be put toward remodeling the business's current manufacturing facility and office.
Loan repayment will also be covered by a portion of the proceeds. Additionally, the business intends to use the money for general corporate operations and acquisitions.
