Ramdevbaba Solvent IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details

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Ramdevbaba Solvent Limited IPO GMP

Ramdevbaba Solvent is launching an Initial Public Offering (IPO) valued at Rs 50.27 crores, consisting entirely of a fresh issue of 59.14 lakh shares. The subscription for this IPO commences on April 15, 2024, and concludes on April 18, 2024. Allotment is anticipated to be finalized by Friday, April 19, 2024.

Ramdevbaba Solvent is scheduled to be listed on the NSE SME on Tuesday, April 23, 2024. The price band for the IPO is set between ₹80 to ₹85 per share, with a minimum lot size for application set at 1600 shares. Retail investors are required to invest a minimum of ₹136,000, while High Net Worth Individuals (HNIs) must invest in a minimum of 2 lots, totaling 3,200 shares amounting to ₹272,000.

Choice Capital Advisors Pvt Ltd serves as the book running lead manager for the Ramdevbaba Solvent IPO, with Bigshare Services Pvt Ltd acting as the registrar for the issue. Choice Equity Broking has been appointed as the market maker for the IPO, ensuring smooth trading activities.

The Issue comprises of fresh Issue of up to 59,13,600 Equity Shares at an Issue Price of ₹ 85/- per Equity Share, aggregating up to ₹ 50.25 Cr.

Company will utilize the Net Proceeds:

Setting up of new manufacturing facility
Repayment in full or in part, of certain of outstanding borrowings
Funding the working capital requirements
General corporate purposes.

Listing will enhance corporate image and visibility of brand name, along with listing benefits to the shareholders.

Setting up of new manufacturing facility: As a part of growth strategy, company is establishing a new manufacturing facility of corn extraction having a capacity of 300 tons per day, which will increase the present capacity and subsequently boost sales and profitability.