IPO alert: Rajesh Power Services allotment status and refund timeline

The IPO allotment for Rajesh Power Services is set to be finalised on 28 November 2024. Investors participating in this IPO, which saw a 59 times oversubscription, can check their allotment status online. 

Oversubscription details of Rajesh Power Services IPO

The IPO, open for subscription from 25 to 27 November 2024, received an enthusiastic response. Key oversubscription statistics include:

• Non-Institutional Investor (NII) segment: 138.46 times
• Qualified Institutional Buyers (QIB): 46.39 times
• Retail individual investors (RIIs): 31.96 times

These figures highlight the increasing interest among those aiming to invest in stocks through Rajesh Power Services.

IPO price and allocation details

The IPO price range was set between ₹319 and ₹335 per share. Retail investors will receive shares on a proportional basis due to the high oversubscription. For applicants not receiving an allotment, the refund process is expected to commence on 29 November 2024. Shares allocated to successful applicants will be credited to their demat accounts on the same day as refunds.

Listing details and GMP insights

Rajesh Power Services shares are expected to be listed on the BSE SME platform on 2 December 2024. The current grey market premium (GMP) is ₹70 per share, indicating a potential listing price of approximately ₹405, 21% above the issue price of ₹335. GMP reflects market demand and investor sentiment ahead of trading, making it a useful tool for assessing short-term opportunities in share market investment.

Utilisation of IPO proceeds

The company plans to allocate IPO proceeds to several key initiatives, including:

• Capital expenditure for acquiring cable identification, testing, and fault location equipment.
• Setting up a 1,300 KW DC solar power plant.
• Developing technical expertise for green hydrogen production, including electrolysers and associated equipment.
• Meeting additional working capital requirements.
• General corporate purposes.

This comprehensive strategy appeals to investors looking to invest in stocks with a focus on sustainable and renewable energy projects.

Past performance and investor interest

Rajesh Power Services has generated significant interest among investors due to its focus on renewable energy projects. The IPO represents an opportunity for individuals aiming to diversify their share market investment portfolios with exposure to clean energy and green hydrogen.

Refunds and credit timelines

Refunds for unallocated shares will begin on 29 November 2024, and allocated shares will be credited to investors’ demat accounts on the same date. These timelines ensure transparency and efficiency for all participants in this share market investment.