2 weeks Ago
The shares of Rajesh Power Services will debut on the BSE SME platform on Monday. Ahead of the listing, the company's shares were trading with a GMP of Rs 144 in the grey market. Considering the upper price band of Rs 335, the stock is expected to list with a premium of 40% or above going by the grey market trends.
However, it is important to note that grey market premiums are just an indicator as to how the company's shares are stacked up in the unlisted market and are subject to change rapidly. The IPO of Rajesh Power Services received a healthy response from investors with an overall subscription of 59 times at close. Net proceeds from the public offer will be used for funding capital expenditure towards purchase of cable identification, testing and fault location equipment, setting up of DC solar power plant having capacity of 1,300 kw, inhouse development of technical expertise in production of green hydrogen and associated equipment, working capital requirements and general corporate purposes.
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The company is also in providing service of operations and maintenance which includes operating and maintaining solar plants and EHV substations. Further, it is also engaged into providing utility services to power plants and power transmission companies, which include cable fault location and rectification, replacement and retrofitting of transformers and switch gears. RPSL also offers consultancy sServices with regard to designing of power substations and cable systems.
The company's main clients include major electricity supply companies in Gujarat. India’s transmission segment has undergone a significant transformation over the years, transitioning from a fragmented network to a well-integrated and interconnected grid. The segment has taken significant strides in expanding the physical infrastructure of the grid and consolidating it into one of the largest synchronous grids globally.
Isk Advisors acted as the book-running lead managers to the issue, while Bigshare Services was the registrar. (You can now subscribe to our ETMarkets WhatsApp channel ).
