Jaipur-based Rajputana Biodiesel's IPO garnered robust interest from all kinds of investors; it was subscribed 645.73 times on November 28, the final day of bidding. Its shares attracted a strong double-digit premium in the grey market.
The company that produces biofuels and by-products (glycerine and fatty acids) launched its public issue to raise Rs 24.70 crore at the upper price band, while the total bids for the IPO were worth Rs 11,626 crore.
Investors have applied for 89.43 crore equity shares in the IPO against the offer size of 13.85 lakh shares, NSE subscription data showed. Non-institutional investors bid 1,378 times their allotted quota, followed by retail investors, who bought 763 times the reserved portion of shares, while the part set aside for qualified institutional buyers was booked 167.9 times.
Meanwhile, in the grey market, its IPO shares traded at more than 75 percent premium over the upper price band, the market observers said. The grey market is an unofficial market for trading in IPO shares till the listing.
Investors can start trading in Rajputana Biodiesel shares on the NSE Emerge from December 3.
The company will spend IPO funds on the expansion of its existing manufacturing facility through a subsidiary -- Nirvaanraj Energy, alongside spending on working capital requirements; the remainder would be used for general corporate purposes.
The Apex Ecotech IPO also received a good response from investors. It got subscribed 21.72 times on Thursday as investors bought 5.45 crore equity shares against the offer size of 25.1 lakh shares. The Rs 25.4-crore public issue will close on November 29.
The Rs 38.5-crore initial share sale of Abha Power and Steel also got fully booked on the second day of bidding at 3.77 times with participants buying 1.94 crore equity shares against the offer size of 51.4 lakh shares. The last day for subscription is November 29.
Agarwal Toughened Glass India's initial public offering started the first day of bidding on a muted note, subscribing 35 percent with investors picking 14.5 lakh shares against the IPO size of 41.49 lakh shares.
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