Rajesh Power Services is scheduled to finalize the basis of allotment of its shares most likely on Thursday, November 28. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate by Friday, November 29 or over the weekend. The SME IPO of power consultancy player had received a decent response from the investors.
The IPO of Ahmedabad-based Rajesh Power Services was open for bidding between November 25-27. It had offered its shares in the price band of Rs 319-335 per share with a lot size of 400 shares. The company raised a total of Rs 160.47 crore from its IPO, which included a fresh shares sale of 27.90 lakh shares worth Rs 93.47 crore and offer-for-sale (OFS) of up to 20 lakh shares.
The issue was overall subscribed a solid 59 times, thanks to all round demand. The portion for qualified institutional bidders (QIBs) was booked 46.39 times, while the quota for non-institutional investors (NIIs) was subscribed a stellar 138.46 times. The allocations retail investors were subscribed 31.96 times during the three-day bidding process.
Incorporated in 1971, Rajesh Power Services provides consultancy to state transmission and distribution companies and private utilities and industries. It offers services to both the renewable and non-renewable segments of the power sector. Rajesh Power has invested in HKRP Innovations (HKRP), which offers customized IT solutions for the energy sector.
The grey market premium of Rajesh Power Services has inched higher after a strong response for the investors. Last heard, the company was commanding a premium (GMP) of Rs 80-85 per share in the unofficial market, suggesting a listing pop of about 25 per cent for the investors. The GMP stood at Rs 60 when the bidding for the issue kicked-off for bidding.
Isk Advisors is the book running lead manager of the Rajesh Power Services IPO, while Bigshare Services is the registrar for the issue. The market maker for Rajesh Power Services IPO is Sunflower Broking. Shares of the company are likely to be listed on Monday, December 2, 2024 on BSE SME platform.
Investors, who had bid for the issue of Rajesh Power Services, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Rajesh Power Services Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit
Investors can also check the allotment status on the online portal of Bigshare Services Limited (https://ipo.bigshareonline.com/IPO_Status.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.
1) Go to the web portal of Bigshare Services Private Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You shall be required to select either one of the three modes: Application number/CAF No, Beneficiary ID, or PAN ID.
4) Enter the details of the mode you selected in Step 2
5) For security purposes, fill the captcha accurately
6) Hit Search to know your allotment status.