Rajputana Biodiesel share price made a stellar debut on the NSE SME platform on Tuesday, December 3. The stock was listed at a 90 per cent premium at ₹247, compared to the issue price of ₹130. Shortly after the listing, it extended gains and hit its upper circuit at ₹259.35.
The ₹25 crore book-built issue opened for subscription on Tuesday, November 26, and closed on Thursday, November 28, with an overall subscription of nearly 719 times. The retail portion was subscribed 747 times, while the segment reserved for non-institutional buyers saw a subscription of 1,346 times.
The Rajputana Biodiesel IPO offered 3.45 lakh shares to qualified institutional buyers, 2.70 lakh shares to non-institutional buyers, and 6.29 lakh shares to retail investors. The price band of the issue was ₹123 to ₹130 per equity share. The IPO allotment date is set for Friday, November 29.
The company intends to use the net proceeds from the issue across several strategic initiatives. A significant portion is to be extended as a loan to its subsidiary, Nirvaanraj Energy Private Limited (NEPL), to finance capital expenditures for expanding its manufacturing facility. The remaining funds will be allocated to meet the company’s working capital needs and for general corporate purposes.
Rajputana Biodiesel manufactures and supplies biofuels and their by-products, glycerine and fatty acids. According to the company’s DRHP, its installed production capacity is 30 kiloliters per day (klpd).
Meanwhile, the Indian stock market benchmark Nifty 50 traded in the green on Tuesday. The index climbed half a per cent in the morning session, with the majority of stocks in the green.
Among the sectoral indices, the Nifty PSU Bank index surged over 2 per cent while the Nifty Bank index rose by a per cent.
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