Unlisted shares of Ramdevbaba Solvent Ltd are trading Rs 27 higher in the grey market, expecting a 31.76 per cent listing gain from the public issue
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Ramdevbaba Solvent IPO: The initial public offering of Ramdevbaba Solvent Ltd, which is going to be closed on April 18, has received a decent response from investors. Its price was fixed at Rs 80-Rs 85 per share. Till 10:24 am on the final day of bidding on Thursday, the Rs 50.27-crore SME IPO received 20.99 times subscription, garnering bids for 8,29,42,400 shares against 39,52,000 shares on offer.
The Ramdevbaba Solvent IPO was opened for public subscription on April 15.
The category for non-institutional investors got subscribed 35.68 times while the portion for Retail Individual Investors (RIIs) attracted 26.27 times subscriptions. The QIB category received 0.30 times subscription.
The Ramdevbaba Solvent IPO’s share allotment will take place on April 19, while the shares will be listed on NSE SME on April 23.
Ramdevbaba Solvent IPO GMP Today
According to market observers, unlisted shares of Ramdevbaba Solvent Ltd are trading Rs 27 higher in the grey market as compared with its issue price. The Rs 27 grey market premium or GMP means the grey market is expecting a 31.76 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
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‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Ramdevbaba Solvent IPO Details
The Ramdevbaba Solvent IPO, which is a book-built issue of Rs 50.27 crore, is entirely a fresh issue of 59.14 lakh shares.
Its IPO price band is set at Rs 80 to Rs 85 per share. The minimum lot size for an application is 1,600 shares. The minimum amount of investment required by retail investors is Rs 1,36,000. The minimum lot size investment for HNI is 2 lots (3,200 shares) amounting to Rs 2,72,000.
Choice Capital Advisors Pvt Ltd is the book-running lead manager of the Ramdevbaba Solvent IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Ramdevbaba Solvent IPO is Choice Equity Broking.
Ramdevbaba Solvent Limited, established in 2008, produces and distributes physically refined rice bran oil. The company is engaged in the manufacture, distribution, marketing and sale of rice bran oil to FMCG companies such as Mother Dairy Fruit & Vegetable Private Limited, Marico Limited and Empire Spices and Foods Ltd. The Company also manufactures, markets and sells rice bran oil under its own brands “Tulsi” and “Sehat” through 38 distributors who in turn sell to various retailers in Maharashtra.
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Its revenue rose 20.35 per cent and profit after tax (PAT) jumped 97.25 per cent during the financial year 2022-23.
