Ramdevbaba Solvent IPO subscription status on day 1: Huge interest, issue oversubscribed - Hindustan Times
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Ramdevbaba Solvent IPO subscription status on day 1: Huge interest, issue oversubscribed

Apr 15, 2024 07:56 PM IST

Ramdevbaba Solvent IPO subscription status on day 1: The issue received huge interest from retail and NII investors.

Ramdevbaba Solvent IPO opened for subscription today and it has received an amazing response from investors. In case you are interested in investing in this initial public offer (IPO) the subscription period is between April 15 to April 18. Ramdevbaba Solvent price band is 80 to 85 per share. While the IPO lot size for the issue is 1,600 shares, the face value is 10 and it will be listed on NSE Emerge.

On the first day itself, Ramdevbaba Solvent IPO subscription status jumped magnificently.(Photo credit: Pexels)
On the first day itself, Ramdevbaba Solvent IPO subscription status jumped magnificently.(Photo credit: Pexels)

Ramdevbaba Solvent IPO subscription

On the first day itself, Ramdevbaba Solvent IPO subscription status jumped to 4.58 times, so far. Both the retail portion and the NII portion were oversubscribed. While the retail portion was subscribed 5.61x, NII portion soared to a massive 8.15x. chittorgarh.com data at 5.09 p.m. showed that Ramdevbaba Solvent received bids for 1,81,04,000 shares against 39,52,000 shares on offer.

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What Ramdevbaba Solvent is into

The red herring prospectus (RHP) says that the company produces, distributes, markets, and sells physically refined rice bran oil to other fast-moving consumer goods (FMCG) companies. Among its clients are Marico, Mother Dairy Fruit & Vegetable, Empire Spices and Foods.

Separately, the company also sells and distributes the oil under "Tulsi" and "Sehat" trademarks via 38 distributors.

And what is rice bran oil? It is the oil extracted from the rough outer brown coating of rice.

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How will Ramdevbaba Solvent use the funds?

The proceeds from the offering will go towards supporting working capital needs, construction of a new manufacturing facility, repayment of debt and to achieve general corporate objectives.

The IPO in numbers

Issue size: (Up to) 59,13,600 equity shares

Face value: 10 each.

QIB Anchor Portion - (Up to) 16,80,000 Equity Shares

Net Qualified Institutional Buyers (QIB) - Not more than 11,20,000 Equity Shares

Non-Institutional Investors (NII) - Not less than 8,40,000 Equity Shares

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Retail Individual Investors (RII) - Not less than 19,60,000 Equity Shares

Book Running Lead Manager: Choice Capital Advisors

Registrar: Bigshare Services.

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