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Business News/ Markets / Ipo/  Rulka Electricals IPO oversubscribed on Day 3 led by retail investors; Check latest GMP, subscription status, more.
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Rulka Electricals IPO oversubscribed on Day 3 led by retail investors; Check latest GMP, subscription status, more.

Rulka Electricals IPO price band set between ₹223 and ₹235 per equity share with a lot size of 600 shares. The company expects to raise around ₹26.4 crore with 56,400 equity shares assigned to market makers.

Rulka Electricals IPO has started for subscriptions today (Thursday, May 16), and will end on Tuesday, May 21. (https://www.replservices.com/)Premium
Rulka Electricals IPO has started for subscriptions today (Thursday, May 16), and will end on Tuesday, May 21. (https://www.replservices.com/)

Rulka Electricals IPO has started for subscriptions on Thursday, May 16, and will end on Tuesday, May 21. Rulka Electricals IPO price band has been fixed between 223 and 235 per equity share with a face value of 10 each. The lot size for the Rulka Electricals IPO is 600 shares. A minimum of 600 equity shares must be applied for, with further shares applied for in multiples of 600.

The Rulka Electricals IPO garnered 7.5 crore through the sale of 3.19 lakh equity shares to anchor investors at 235 apiece.

The anchor book subscription had participation by marquee investors such as BOFA Securities Europe SA - ODI, Negen Undiscovered Value Fund, Galaxy Noble Global Opportunities Fund PCC - GNGOF 1, Benani Capital - Benani Capital Scheme 1, North Star Opportunities Fund VCC - Bull Value Incorporated VCC Sub - Fund, Saint Capital Fund, and Eminence Global Fund PCC - Eubilia Capital Partners Fund 1.

Also Read: Energy Mission Machineries share price makes a stellar debut, stock opens with 165% premium at 366 apiece on NSE SME

The Mumbai-based firm is a turn-key project contractor that provides solutions for all sorts of electrical and firefighting turnkey projects. It provides a wide range of services in the industrial, commercial, retail, and theatre sectors, including electrical solutions, electrical panels, solar EPC contracts, turnkey electrical warehousing projects, electrical commercial and industrial services, maintenance services, electrical contracting, and data and voice cabling installation. The firm also provides electrical contracting services for a variety of industrial sites.

Rulka Electricals was founded in 2013 by Rupesh Laxman Kasavkar and Nitin Indrakumar Aher, two entrepreneurs with over two decades of combined electrical expertise. The promoters' considerable experience in site execution and electrical/fire project work has helped shape the company's expansion strategy. 

Rulka Electricals IPO has assigned 56,400 equity shares to market makers, 1.6 lakh to HNIs, 2.13 lakh to QIBs, and 3.73 lakh to retail.

The company's sole listed peer is HEC Infra Projects Ltd (with a PE of 37.24). 

Rulka Electricals IPO subscription status

Rulka Electricals IPO subscription status is 135.56 times, on day 3, so far.

The retail portion was subscribed 168.30 times, and NII portion was booked 233.54 times. Qualified Institutions Buyers was booked 4.78 times.

The company has received bids for 10,13,44,200 shares against 7,47,600 shares on offer, at 10:57 IST, according to data on chittorgarh.com.

On day 1, Rulka Electricals IPO subscription status was 6.81 times, and on the second day of bidding the subscription status was 33.66 times.

Also Read: Go Digit IPO day 2: GMP, subscription status, price to review. Should you apply to this Virushka-backed IPO?

Rulka Electricals IPO details

The company expects to raise around 26.4 crore through the sale. The company's IPO consists of a new issue of 8.42 lakh equity shares and an offer to sell up to 2.8 lakh equity shares having a face value of 10 via the book-building process.

It intends to use 14 crore of the net proceeds from the IPO to cover working capital requirements for developing its business activities. It intends to use the remaining money for normal company activities and public offering expenditures.

Based on last 11 sessions grey market activities, today IPO GMP points upward and expects a strong listing. The lowest GMP is 0, while the highest GMP is 300, as per investorgain.com analysts. 

Beeline Capital Advisors Private Limited is the only Book Running Lead Manager for the offering, while Bigshare Services Private Limited serves as the Registrar.

Rulka Electricals IPO GMP today

Rulka Electricals IPO GMP today is +300. This indicates Rulka Electricals share price were trading at a premium of 300 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market Rulka Electricals IPO expected listing price was indicated at 535 apiece, which is 127.66% higher than the IPO price of 235.

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

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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 decisions.

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Published: 16 May 2024, 11:58 AM IST
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