Rajesh Power Services IPO Soars 90 Pc On BSE SME Platform Debut
Date
12/2/2024 2:08:46 PM
(MENAFN- KNN India)
New Delhi, Dec 2 (KNN) Rajesh Power Services, a Gujarat-based power utility services provider, made a remarkable market entry on December 2, with its shares listing at a substantial 90 percent premium on the BSE SME platform.
The initial public offering (IPO) demonstrated exceptional investor confidence, being oversubscribed 59 times by the close of November 27.
The company's shares were priced at Rs 636.50 per share, significantly higher than the issue price of Rs 335.
Prior to the listing, the shares had garnered a grey market premium of approximately 47 percent, signalling strong market anticipation.
The maiden public offering raised Rs 160 crore, with a price band ranging from Rs 319 to Rs 335 per share.
Rajesh Power Services specialises in executing turnkey projects, providing operation and maintenance, and consultancy services for both renewable and non-renewable power utility companies.
As of March 2024, the company boasts an impressive order book of Rs 2,358.2 crore, slated for execution over the next three financial years.
Competing with established players such as Advait Infratech, Kay cee Energy and Infra, and Viviana Power Tech, the company has demonstrated robust financial performance.
In the fiscal year ending March 2024, Rajesh Power Services reported a standalone net profit of Rs 26.02 crore, a significant increase from Rs 6.75 crore in the previous fiscal year.
Correspondingly, the company's revenue surged to Rs 285 crore, up from Rs 207.2 crore in the prior period, reflecting strong operational growth and market potential.
(KNN Bureau)
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