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Ahmedabad-based Rajesh Power Services Limited (RPSL), a key player in the power sector, has successfully raised ?44.76 crore through its Anchor book subscription ahead of its Initial Public Offering (IPO). The anchor investment saw the sale of 13.36 lakh equity shares at ?335 each, attracting several marquee investors, including Moneywise Financial Services Pvt Ltd, Negen Undiscovered Value Fund, and others. Moneywise Financial Services accounted for the largest share at 21.25%.
The IPO, which opened yesterday, November 25, and closing on November 27, aims to raise ?160.5 crore. The company plans to allocate ?25.10 crore of the proceeds toward renewable energy and green initiatives. This includes ?17.94 crore for cable identification and testing equipment, ?4.16 crore to set up a 1,300 kW DC solar power plant, and ?3 crore for developing expertise in Green Hydrogen production and electrolyser technology. Additionally, ?30 crore will support working capital, while the remainder will go toward general corporate purposes.
RPSL’s IPO includes a fresh issue of 27.9 lakh equity shares and an offer for sale of 20 lakh shares at a price band of ?319-?335 per share. The distribution includes 16.04 lakh shares for retail investors, 9.13 lakh for qualified institutional buyers, and 6.91 lakh for non-institutional investors.
Founded under the leadership of Kurang Panchal and Rajendra Baldevbhai Patel, RPSL has been a pioneer in renewable energy since its foray into solar power in 2012. The company set up a 1 MW solar power plant in Gujarat under a government scheme initiated by then-Chief Minister Narendra Modi. The plant continues to supply power to PGVCL DISCOM, underscoring RPSL’s commitment to sustainable energy solutions.
This IPO marks a significant step in RPSL’s journey toward bolstering India’s renewable energy capabilities. |
