Rapid Fleet IPO Day 3: Check latest GMP, subscription status, issue details, more

Rapid Fleet IPO has opened for subscription on Friday, March 21, and will close on Tuesday, March 25. Rapid Fleet IPO price band has been fixed in the range of ₹183 to ₹192 per equity share of face value of ₹10 each. Bids can be made for a minimum of 600 equity shares and in multiples of 600 equity shares thereafter.

Established in 2006, Rapid Fleet Management Services Limited specializes in offering a wide range of logistics and transportation services designed for both B2B and B2C clients.

The company has significantly broadened its operations and now oversees a fleet of more than 200 vehicles. They cater to a variety of industries, including FMCG, automotive, and electronics.

The business created its own mobile application to enhance operational efficiency, guaranteeing round-the-clock services. It emphasizes client compliance through e-bidding, online RFQs, electronic proof of delivery (e-POD), invoicing, and customer TMS management.

As per the Red Herring Prospectus (RHP), the company's listed peers are Premier Roadlines Ltd (with a P/E of 16.98), and AVG Logistics Ltd (with a P/E of 17.72).

Rapid Fleet IPO subscription status

Rapid Fleet IPO subscription status is 1.65 times, on day 3, so far. The retail portion was subscribed 8%, and NII portion has been booked 4.38 times, and Qualified Institutions Buyers was subscribed 1.07 times.

At 16:49 IST, the company has received bids for 21,47,400 shares against 13,04,400 shares on offer, according to data on chittorgarh.com

Rapid Fleet IPO subscription status was 7%, on day 1, and issue was booked 44% on the second bidding day.

Rapid Fleet IPO details

Rapid Fleet IPO consists of a fresh issue of 22,84,800 equity shares, aggregating to ₹43.87 crore. There's no offer for sale (OFS) component.

The Rapid Fleet IPO intends to use the net funds raised from the offering for various purposes, including the acquisition of vehicles (cargo carriers), meeting working capital needs, and general corporate activities.

Gretex Corporate Services Limited serves as the book-running lead manager for the Rapid Fleet IPO, with Bigshare Services Pvt Ltd acting as the registrar for this offering. The market maker for the Rapid Fleet IPO is MLB Stock Broking Private Limited.

Rapid Fleet IPO GMP today

Rapid Fleet IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹192 with no premium or discount in the grey market according to investorgain.com

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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