Rajesh Power Services Limited has launched its initial public offering (IPO) for the public. The IPO will be open till November 27, 2024. The company has estimated the value of the IPO at Rs 1.61 billion. The price band of the issue is Rs 319 to Rs 335 per equity share with a face value of Rs 10 each. The company is offering a fresh issue of 2.79 million equity shares and an offer-for-sale of 2 million equity shares through the book-building route. The company has already raised Rs 447.6 million through its completed anchor book subscription, by the sale of 1.336 million equity shares at Rs 335 each.
The company had allotted 1.336 million equity shares for the anchor investors, 244 thousand equity shares for the market maker, 691 thousand equity shares for non-institutional investors and 913 thousand equity shares for net qualified institutional buyers. The retail institutional investors were allotted the remaining 1.604 million equity shares. The book running lead manager to the issue is ISK Advisors Private Limited with the registrar being Bigshare Services Private Limited.
The company has presented a detailed plan for the use of these funds. It will use Rs 251 million for capital expenditures. This includes Rs 179.4 million for purchase of cable identification, testing, and fault location equipment, Rs 41.6 million for setting up a 1,300 kW DC solar power plant, and Rs 30 million for creating technical expertise in green hydrogen and associated equipment production such as electrolysers, in-house. Around Rs 300 million is allotted for additional working capital requirements, and the remaining capital will be utilised for general corporate purposes.
