Rajesh Power Services Ltd.’s shares had a successful launch on the BSE SME platform on Monday. At a premium of 90% over the issue price of Rs 335, the stock was listed at Rs 636.50 a share on the BSE’s small and medium businesses platform. Following a successful listing, the stock continued to rise and reached the upper circuit limit at Rs 668.30. Every 400-share lot at the upper circuit would have gained Rs 1,33,320 (Rs 333.30×400) over the Rs 1,34,000 minimum investment.
Rajesh Power Services IPO details
Rajesh Power Services Ltd. provides consulting and engineering, procurement, and construction (EPC) services to transmission and distribution businesses in both the public and private sectors. It serves the non-renewable and renewable energy sectors.
Through the IPO, which ran from November 25 to November 27, Rajesh Power was able to raise more than ₹160 crore. The company raised about ₹160.47 crore from public investors when it started its initial public offering (IPO).
A new issuance of 27.9 lakh shares valued at 93.47 crore and a selling offer of 20 lakh shares valued at up to 67 crore were both included in the book-built offer. The price range was set by the firm at ₹319 to ₹335 per share. Retail investors needed to invest a minimum of ₹134,000, and the minimum lot size was 400 shares.
About Rajesh Power Services
The company contracts with and provides services to electricity transmission and distribution utility companies in the engineering, procurement, and construction (EPC) sector. The business takes on PEC contracts to install substations, solar power plants, and EHV/HV/LV underground cable networks. The business provides services to both the nonrenewable and renewable power sectors, including solar power.
Sales of EPC contract services, such as turnkey project income, O&M services, utility services, cable and equipment testing, and design and consulting services, make up the majority of its operating revenue.
