SME IPO action: Ramdevbaba Solvent subscribed 117 times, Grill Splendour 8.3 times on final day

Ramdevbaba Solvent IPO

The initial public offering of Ramdevbaba Solvent, the refined rice bran oil producer and distributor, has received strong response from investors, getting subscribed 116.93 times on April 18, the final day of bidding.

Investors have picked 49.5 crore equity shares against the IPO size of 42.33 lakh equity shares, as per the subscription data available with the National Stock Exchange.

Non-institutional investors were at the forefront to boost the public issue, buying 314.8 times the allotted quota, followed by retail investors who have picked 79.96 times the portion set aside for them. Qualified institutional buyers bought 65.9 times the reserved portion.

The Nagpur-based company is going to raise Rs 50.27 crore through public issue of 59.13 lakh equity shares which comprised of only a fresh issue component.

The price band for the public issue, which was opened on April 15, was Rs 80-85 per share. The market capitalisation at the upper price band comes to Rs 188 crore.

Ramdevbaba Solvent will spend Rs 18.81 crore out of the net fresh issue proceeds for setting up of new manufacturing facility, Rs 8.4 crore for repaying debts, and Rs 12 crore for the working capital requirements.

Meanwhile, Grill Splendour Services, the Birdy's brand operator, also closed its public issue on April 18 after getting 8.29 times subscription during three days. Investors have put in bids for 1.13 crore equity shares against IPO size of 13.72 lakh equity shares.

It was a fixed price issue.

Retail investors have picked 12.77 times the portion set aside for them, and non-institutional investors (high networth individuals) bought 4.69 times the reserved portion.

The gourmet bakeries and patisseries chain operator in Mumbai with 17 retail outlets launched maiden public issue with the plan to raise Rs 16.47 crore comprising only a fresh issue component. The issue price has been set at Rs 120 per share.

Ramdevbaba Solvent, and Grill Splendour Services, both will finalise the basis of allotment of IPO shares by April 19, while their equity shares will be credited to demat accounts of eligible investors by April 22.

The trading in their equity shares on the NSE Emerge will commence with effect from April 23.