Ramdevbaba Solvent made a promising debut in the stock market on Tuesday, witnessing a substantial premium of over 31% upon listing. The shares began trading at ₹112 each on the NSE SME platform, surpassing its issue price of ₹85 per share by 31.76%.
Market observers noted that Ramdevbaba Solvent’s IPO listing exceeded expectations, with the grey market premium (GMP) being 10% higher than the listing price. This indicates strong investor interest and confidence in the company’s prospects.
The IPO subscription period for Ramdevbaba Solvent commenced on April 15 and concluded on April 18, with the IPO allotment finalized on April 19. The listing date was scheduled for April 23.
Ramdevbaba Solvent offered its shares in the price band of ₹80 to ₹85 per share, raising ₹50.27 crore at the upper end of the range. The IPO comprised entirely of a fresh issue of 59.14 lakh equity shares.
Choice Capital Advisors Pvt Ltd acted as the book-running lead manager for the IPO, while Bigshare Services Pvt Ltd served as the registrar.
The SME IPO garnered significant attention from investors, with an overall subscription rate of 126.21 times. Notably, the retail category was oversubscribed 79.96 times, while the Qualified Institutional Buyers (QIB) category saw a subscription rate of 65.95 times, and the Non-Institutional Investors (NII) category was oversubscribed by an impressive 314.46 times.
Ramdevbaba Solvent Ltd is primarily engaged in the manufacturing, distribution, marketing, and sale of rice bran oil to FMCG companies. The company’s promoters include Prashant Bhaiya, Nilesh Mohata, and Tushar Mohata.
