Rajesh Power IPO sizzles on debut; Posts 99% gain to hit upper circuit
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Rajesh Power Services IPO listing today:Shares of Rajesh Power Services, a multi-utility company, made an impressive debut on the BSE SME today, continuing their upward momentum to hit the upper circuit within half an hour of listing. The stock was listed at Rs 636.50 per share, a 90 per cent premium compared to the IPO allotment price of Rs 335.
After listing, the stock gained an additional 5 per cent, surging 99.49 per cent from the issue price to reach the upper circuit of Rs 668.30 apiece on the BSE SME. During the session, nearly 1.34 million shares, valued at Rs 87.19 crore, were traded before trading was halted.
Notably, the market regulator, Stock Exchange Board of India (Sebi), has capped the listing gain at 90 per cent against the issue price.
The listing performance exceeded grey market expectations. Prior to its debut, the company’s unlisted shares were trading at a premium of Rs 144 over the issue price of Rs 335, reflecting a grey market premium (GMP) of 43 per cent, according to sources tracking market trends.
The IPO, priced between Rs 319 and Rs 335 with a lot size of 400 shares, was oversubscribed 59 times by the close of the offer. The Rs 160.47 crore book-built issue included a fresh issue of 2,790,000 shares and an offer for sale (OFS) of 2,000,000 shares, each with a face value of Rs 10.
Rajesh Power Services (RPSL) offers consultancy services to state transmission and distribution companies, private utilities, and industries. It operates in both renewable and non-renewable segments and serves as an EPC contractor for power transmission and distribution utilities.
The company has also invested in HKRP Innovations, which provides IT solutions for the energy sector. HKRP specialises in IoT and cloud-based solutions for power grids and renewable energy, delivering products such as the Smart Feeder Management System, Virtual Feeder Segregation, Real-Time Monitoring System for Oil Wells, and Solar Energy Data Management.
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