NSE SME IPO of Rulka Electricals subscribed 5.83 times

Published on May 16, 2024 17:18

The initial public offer (IPO) of Rulka Electricals received bids for 49,15,800 shares as against 8,42,400 shares on offer, as per NSE data as of 17:00 hours on Thursday (16 May 2024). The issue was subscribed 5.83 times.

The issue opened for bidding on Thursday (16 May 2024) and it will close on Tuesday (21 May 2024). The price band of the IPO is fixed between Rs 223 to Rs 235 per share. The minimum order quantity is 600 equity shares. The equity shares will list on NSE�s SME platform.

The IPO comprises fresh issue of 8,42,400 equity shares. The promoter and promoter group shareholding will dilute to 69.22% from 86.28% Pre-IPO.

The issue size comprises of fresh issue of 8,42,400 and offer for sale (OFS) of 2,80,800 shares by existing shareholders.

About 56,400 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 10,66,800 equity shares.

The company intends to utilize the net proceeds to meet working capital requirements of the company, to meet the offer expenses and general corporate purposes.

Ahead of the IPO, Rulka Electricals on Wednesday, 15 May 2024, raised Rs 7.50 crore from anchor investors. The board allotted 3.19 lakh shares at Rs 235 per share to 7 anchor investors.

Rulka Electricals engaged in offering solution for all types of electrical & fire fighting turnkey projects. The company offers wide range of services like electrical solutions, electrical panels, solar epc contracts, turn key electrical warehousing projects, electric commercial industrial services, maintenance services, electrical contracting and data & voice cabling installation across the industrial sector, commercial, retail and theatre sector. As of 29 February 2024, the company has 92 employees.

The company recorded revenue from operations of Rs 65.18 crore and net profit of Rs 5.65 crore for the period as on 29 February 2024.