Chennai-based Rapid Fleet Management Services will hit Dalal Street with its maiden public issue on March 21. It targets to raise Rs 43.87 crore via IPO of 22.84 lakh shares which comprises of entirely fresh issue.
The price band for book-built issue has been fixed at Rs 183-192 per share. The issue will close on March 25.
The logistics and road transportation services provider will finalise the IPO share allotment by March 26. Investors can start trading in Rapid Fleet shares on the NSE Emerge, effective March 28.
The company intends to spend Rs 13 crore out of IPO proceeds for purchase of vehicles, and Rs 19.12 crore for working capital requirements. The remainder fresh issue money will be used for general corporate purposes.
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Rapid Fleet Management Services provides logistics services to B2B and B2C clients through its fleet of 226 trucks.
Gretex Corporate Services is acting as the merchant banker for the issue.
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