Rajesh Power Services Limited has launched its initial public offering (IPO), open for subscription until November 27, 2024.
The IPO is valued at Rs 1.61 billion, with a price band of Rs 319 to Rs 335 per equity share, each with a face value of Rs 10.
The issue includes a fresh offering of 2.79 million equity shares and an offer-for-sale of 2 million shares via the book-building route.
The company has raised Rs 447.6 million through anchor book subscription, allotting 1.336 million equity shares to anchor investors at Rs 335 each. Other allocations include 244 thousand equity shares for the market maker, 691 thousand shares for non-institutional investors, 913 thousand shares for qualified institutional buyers, and 1.604 million shares for retail investors.
ISK Advisors Private Limited is the book-running lead manager, with Bigshare Services Private Limited as the registrar.
The funds will be allocated as follows: Rs 251 million for capital expenditures, including Rs 179.4 million for cable identification, testing, and fault location equipment, Rs 41.6 million for a 1,300 kW DC solar power plant, and Rs 30 million for developing technical expertise in green hydrogen and electrolyser production. Additionally, Rs 300 million will be used for working capital, with the remainder for general corporate purposes.