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Racks & Rollers IPO has opened for subscription today (Tuesday, April 30), and will close on Friday, May 3. The IPO price band has been fixed in the range of ₹73 to ₹78 per equity share of face value of ₹10 each. There are 1,600 shares in each IPO lot. 1,600 equity shares is the minimum application size; beyond that, applications will be accepted in multiples of 1,600 equity shares.
According the Red Herring Prospectus (RHP), the company focuses in the design, production, and installation of metal storage racks in addition to automated warehouses and other storage systems. The company offers a range of products and services that demonstrate their commitment to providing innovative, practical solutions for a variety of warehousing needs. These industries include oil and gas, automotive components and aerospace, food and beverage, pharmaceutical, textile, retail, fast-moving consumer goods (FMCG), and others. These industries have unique storage and logistical needs that must be met.
In the SME IPO, 50% of the net issue has been set aside for QIBs, 35% for retail investors, 15% for non-institutional bidders, and 5% for market makers.
Khasim Sait, Afzal Hussain, Mohammad Arif Abdul Gaffar Dor, Hanif A. Khatri, Syed Azeem, and Nuumaan Khasim are among the company's promoters.
With a P/E of 33.17, RHP claims that Alphalogic Industries Ltd. is the sole public peer for the firm.
Racks & Rollers IPO subscription status is 2.05 times, on day 1, so far.
The retail portion has been subscribed 3.47 times, and NII portion has been booked 1.44 times. The qualified institutions buyers (QIBs) were booked 1%.
The company has received bids for 52,16,000 shares against 25,50,400 shares on offer, at 14:59 IST, according to data on chittorgarh.com.
Racks & Rollers IPO, which is worth about ₹29.95 crore, consists of a fresh issue of 38,40,000 equity shares with a face value of ₹10. There is no offer-for-sale component.
The proceeds of the offering will be used by the firm to meet its working capital needs as well as its general corporate purpose.
On Monday, May 6, the Racks & Rollers IPO basis for share distribution is expected to be finalised. Refunds will be initiated by the company on Tuesday, May 7. The shares will be sent to the designated recipients' demat account on the same day as the refund. Racks & Rollers share price is likely to be listed on BSE SME on Wednesday, May 8.
Oneview Corporate Advisors Private Limited is the book running lead manager and Integrated Registry Management Services Private Limited is the registrar for the Racks & Rollers initial public offering. The market maker for the Racks & Rollers IPO is Nikunj Stock Brokers.
Racks & Rollers IPO GMP or grey market premium is +9. This indicates Racks & Rollers share price were trading at a premium of ₹9 in the grey market, according to investorgain.com.
Shares of Racks & Rollers are expected to list at a price of ₹87 per share, 11.54% more than the IPO price of ₹78, after accounting for the top end of the IPO pricing range and the current premium on the grey market.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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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