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

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

Updated on: Apr 15, 2024, 19:56:05 IST

By HT News Desk

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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.

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.

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.

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

Read More: Gold price: As global tensions mount, yellow metal rate heads north

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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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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