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Business News/ Markets / Ipo/  Rudra Gas Enterprise IPO: Issue oversubscribed on day 2 led by retail investors; GMP rises
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Rudra Gas Enterprise IPO: Issue oversubscribed on day 2 led by retail investors; GMP rises

Rudra Gas Enterprise IPO is open for subscription from February 08 to February 12, with a price band of ₹63 per share. The lot size is 2,000 shares and investors can bid for a minimum of 2,000 shares.

Rudra Gas Enterprise IPO has opened for subscription on Thursday, February 08, and will close on Monday, February 12. (https://www.rudragasenterprise.com/)Premium
Rudra Gas Enterprise IPO has opened for subscription on Thursday, February 08, and will close on Monday, February 12. (https://www.rudragasenterprise.com/)

Rudra Gas Enterprise IPO has opened for subscription on Thursday, February 08, and will close on Monday, February 12. Rudra Gas Enterprise IPO price band has been set at 63 apiece. 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.

Also Read: Rudra Gas Enterprise IPO announces price band at 63 apiece; check issue details, key dates, more

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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 details 

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: Italian Edibles IPO allotment to be finalised today; GMP steady, steps to check Italian IPO allotment status

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.

Rudra Gas Enterprise IPO Subscription Status 

Rudra Gas Enterprise IPO subscription status is 71.51 times on day 2. The issue received positive response from retail investors who's portion set was subscribed 116.64 times, and non-institutional buyers who's portion was subscribed 26.26 times, as per data available on chittorgarh.com.

The company has received bids for 15,24,56,000 shares against 21,32,000 shares on offer, according to data on chittorgarh.com.

Rudra Gas Enterprise IPO subscription status was 18.87 times on day 1.

Also Read: Apeejay Surrendra Park Hotels IPO: Latest GMP after strong subscription status. Focus shifts to allotment date

Rudra Gas Enterprise IPO GMP today 

Rudra Gas Enterprise IPO GMP or grey market premium is +40. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Rudra Gas Enterprise share price was indicated at 103 apiece, which is 63.49% higher than the IPO price of 63.

Based on last 5 sessions grey market activities, today IPO GMP points upward and expects a strong listing. The lowest GMP is 20, while the highest GMP is 40. according to investorgain.com analysts. 

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

Also Read: Rashi Peripherals IPO Day 2: GMP rises, check review, key dates, more. Should you subscribe?

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: 08 Feb 2024, 12:57 PM IST
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