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Business News/ Markets / Ipo/  Rudra Gas Enterprise IPO announces price band at 63 apiece; check issue details, key dates, more
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Rudra Gas Enterprise IPO announces price band at ₹63 apiece; check issue details, key dates, more

Rudra Gas Enterprise is set to launch its IPO with a price band of ₹63 per share. The subscription period will begin on February 8 and end on February 12. The lot size for the IPO is 2,000 shares.

Rudra Gas Enterprise IPO price band has been set at ₹63 apiece. (https://www.rudragasenterprise.com/)Premium
Rudra Gas Enterprise IPO price band has been set at 63 apiece. (https://www.rudragasenterprise.com/)

Rudra Gas Enterprise IPO price band has been set at 63 apiece. Rudra Gas Enterprise IPO will open for subscription on Thursday, February 08, and close on Monday, February 12. Rudra Gas Enterprise IPO lot size consists of 2,000 shares. Investors can bid for a minimum of 2,000 shares and in multiples thereof. The issue price is 6.3 times the face value of 10.

According to the Red Herring Prospectus (RHP), the company is involved in a number of infrastructure-related activities. The company's primary business activities include fibre cable networks, gas distribution network projects, and the rental of construction equipment and vehicles. The company offers comprehensive solutions for the municipal gas distribution industry. The firm specialises in civil works, pipeline building, pipeline network operation and maintenance for city gas distribution.

Compressed natural gas ("CNG") and piped natural gas ("PNG") are two essential commodities that are transported safely and effectively through the company's services. The firm provides installation and maintenance services for optical fibre cable in the fibre cable network industry.

Also Read: Arkade Developers gets green signal from SEBI to launch its proposed IPO

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As per the RHP, the company's listed player is Likhitha Infrastructure Limited (with a P/E of 15.43).

The company's promoters are Manjulaben Sureshbhai Patel, Kush Sureshbhai Patel, and Kashyap Sureshbhai Patel.

Rudra Gas Enterprise IPO comprises a fresh issue of 22,48,000 equity shares aggregating to 14.16 crore. This is a completely a fresh issue, and there is no offer-for-sale component.

The proceeds from the fresh issue will be used for the following goals in order to meet the company's general objectives and working capital needs.

Also Read: Juniper Hotels gets SEBI approval to raise 1,800 crore via IPO

“We believe that listing will enhance our corporate image and visibility of brand name of our Company. We also believe that our Company will receive the benefits from listing of Equity Shares on the SME Platform of BSE Limited (“BSE SME"). It will also provide liquidity to the existing shareholders and will also create a public trading market for the Equity Shares of our Company," said the RHP.

Tentatively, Rudra Gas Enterprise IPO basis of allotment of shares will be finalised on Tuesday, February 13, and the company will initiate refunds on Wednesday, February 14, while the shares will be credited to the demat account of allottees on the same day following refund. Rudra Gas Enterprise share price is likely to be listed on BSE SME on Thursday, February 15.

The Rudra Gas Enterprise IPO's book running lead manager is Beeline Capital Advisors Pvt Ltd, and the registrar is Link Intime India Private Ltd. Spread X Securities is the market maker for the Rudra Gas Enterprise IPO.

Also Read: Alpex Solar IPO to open on February 8; price band fixed at 109–115 per share

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

 

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Published: 05 Feb 2024, 05:48 PM IST
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