Shares of Ramdevbaba Solvent made a robust start on its debut on April 23 after listing at Rs 112. That’s a premium of 31.76 percent over the issue price of Rs 85.
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The listing gains top grey market estimates where shares were trading at a premium of 11 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
The Rs 50.27-crore public offer is a fresh issue of a fresh issue of 59.14 lakh equity shares. The offer received impressive investor response over the course of three days from April 15-April 18.
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The issue was subscribed a massive 126 times, with non-institutional investors subscribing 314.46 times followed by retail investors and qualified institutional buyers (QIBs).
Established in 2008, it specializes in the production and distribution of physically refined rice bran oil. The company’s primary operations involve manufacturing, distributing, marketing, and selling rice bran oil to FMCG companies like Mother Dairy and Marico. It also sells rice bran oil under its own brands Tulsi and Sehat across Maharashtra.
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The company plans to use fresh proceeds from the issue to establish a new facility, partial or full repayment of debt, and funding working capital requirements. The rest of the money will be earmarked for general corporate purposes.
The price band of the issue was fixed at Rs 80-85.
