Shares of Rulka Electricals Limited made a stellar market debut on the exchanges on May 24 after listing at Rs 525. That's a premium of over 123 percent over the issue price of Rs 235 on the NSE SME platform.
The listing gains, however, miss grey market estimates as shares were trading at a premium of 174 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
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The Rs 26.40 crore public offer which is a fresh issue of 8.42 lakh shares received staggering investor interest as the issue was subscribed over 676 times. Retail individual investors bought 658 times their allotted quota, while non-institutional investors bought 1,350 times their portion reserved for them. QIBs mopped up 204 times their portion.
Established in 2013, it specializes in providing electrical and fire-fighting solutions. The company offers a wide range of services, including electrical solutions, electrical panels, solar EPC contracts, and turn-key electrical warehousing projects among others.
The company plans to utilize the proceeds from the offer to address several objectives. These include meeting the working capital requirements, fulfilling general corporate purposes, and covering the expenses associated with the offer.
The price band of the offer has been fixed at Rs 223-235.
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