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Stock Report
Rulka Electricals Ltd makes Strong Debut on NSE SME
Posted On : 2024-05-24 18:45:14( TIMEZONE : IST )
Rulka Electricals, a Mumbai-based turnkey electrical and firefighting project contractor, made a stellar debut on the NSE SME platform today. The company's shares opened at ₹525, a significant 123.40% premium over the issue price of ₹235.
Earlier, The IPO, which ran from May 16th to May 21st, received overwhelming investor interest, with the issue oversubscribed a staggering 676.83 times While the QIB portion was subscribed 205 times, the NII portion was subscribed 1351 times, and the Retail individual investors (RII) quota was subscribed 659 times.
The price band of the issue was fixed at Rs. 223-235/- per Equity Share with a face value of Rs. 10 apiece. The IPO comprised a fresh issue of 8.42 lakh Equity Shares and an Offer for Sale of up to 2.8 lakh Equity Shares with a face value of Rs. 10/- through the book-building route. The minimum lot size for the application is 600 Equity Shares.
Beeline Capital Advisors Private Limited is the sole Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar for the issue.
The company's IPO aimed to raise ₹26.4 crore through the issuance of fresh equity shares and an offer for sale. The proceeds will be used to fund working capital requirements, support business activities, and cover public offering expenses.
Rulka Electricals offers a comprehensive suite of electrical and firefighting solutions for various sectors, including industrial, commercial, retail, and theatre. The company's founders, Rupesh Laxman Kasavkar and Nitin Indrakumar Aher, boast over two decades of combined experience in the electrical domain, which has been instrumental in the company's growth strategy.
Rulka Electricals' strong debut reflects investor confidence in the company's future prospects. The company's expertise in the electrical and firefighting space, coupled with its experienced leadership team, positions it well to capitalize on the growing demand for these services in India.
