The shares of Ravelcare made a bumper stock market debut on December 8, listing at Rs 201 apiece on the BSE SME platform. This marks a premium of nearly 55 percent over the IPO price of Rs 130 apiece.
The company that makes custom hair and skincare products, debuted with a market capitalization of Rs 138 crore.
The listing premium is slightly higher than the grey market estimates. Ahead of listing, the unlisted shares of the company were trading with 57.69 percent grey market premium (GMP) over the IPO price, according to data on Investorgain and IPO Watch.
Ravelcare had launched its IPO earlier this month to raise Rs 24.1 crore from the primary market though a fresh issue of 18.54 lakh shares with no offer-for-sale component. The price band for the maiden public issue of the company was set at Rs 123-130 per share.
Investors could bid for a minimum of 1,000 shares, requiring an investment of Rs 1.3 lakh at the upper end of the price band, and in multiples thereafter. The IPO saw strong investor interest during its three days of public bidding, being subscribed a whopping 406 times its offer size between December 1 and December 3.
Ravelcare aims to utilize the IPO proceeds for marketing and advertisement expenses towards the visibility of the brand, setting up a new manufacturing unit in Amravati and general corporate purposes.
The company operates through a digital first distribution model in the beauty and personal care segment.
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