The scrip was listed at Rs 636.50, at a premium of 90% compared with the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% over its listing price.
The counter hit a high of Rs 668.30 and a low of Rs 636.50. About 14.26 lakh shares of the company changed hands at the counter.
Rajesh Power Services' IPO was subscribed 54.90 times. The issue opened for bidding on 25 November 2024 and it closed on 27 November 2024. The price band of the IPO was set at Rs 319 to Rs 335 per share.
The issue size comprised fresh issue of 14,53,600 and offer for sale (OFS) of 20,00,000 shares. The promoter and promoter group shareholding diluted to 38.26% from 56.63% pre-issue.
The company intends to utilize the net proceeds to purchase of cable identification testing and fault location equipments, setting up of DC solar power plant having capacity of 1300 KW, Inhouse development of technical expertise in production of green hydrogen and associated equipment such as Electrolysers, additional working capital requirement and general corporate purpose.
Ahead of the Rajesh Power Services on 22 November 2024, raised Rs 44.76 crore from anchor investors. The board allotted 13.36 lakh shares at Rs 335 per share to 17 anchor investors.
Rajesh Power (RPSL) provides services to both the renewable and non-renewable power sectors, with a particular focus on solar power. They offer a range of services, including EPC contracting for power transmission and distribution, turnkey project implementation, operations and maintenance, utility services, and consultancy. RPSL is involved in projects like laying EHV cables, constructing substations, and designing underground power distribution systems. As on 31 October 2024 the company had 1,030 employees on payroll and permanent basis.
The company recorded revenue from operations of Rs 313.05 crore and net profit of Rs 27.68 crore for the period as of 30 September 2024.