Rajputana Biodiesel shares debut at 90% premium over IPO price on NSE SME platform
Shares of Rajputana Biodiesel debuted at a 90% premium, listing on the NSE SME platform at Rs 247. The Rs 25 crore IPO saw immense interest with over 700 times subscription. Proceeds will be used for various corporate needs. Rajputana manufactures bio-fuels, intending to explore export opportunities and align with India's blending targets.
The shares were listed at Rs 247 on the NSE SME platform.
The company's shares were trading with a GMP of Rs 135 in the grey market.
However, it is important to note that grey market premiums are just an indicator as to how the company's shares are stacked up in the unlisted market and are subject to change rapidly.
The Rs 25 crore SME IPO received a massive subscription of over 700 times at close, driven by strong bidding from retail and non-institutional investors.
The net proceeds from the public offer will be used for loan to subsidiary, working capital requirements, general corporate purposes and issue expenses.
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It intends to add value to our by-products and explore the export potential of bio-diesel.
The company has an installed production capacity of 30 kilo liters per day (klpd). On the date of filing RHP, its products cover majorly biodiesel, glycerine and fatty acid.
The company says it has full flexibility in the manufacturing facility to handle the multiple feed stocks as per market requirements.
The government of India has proposed a target of 20% blending of ethanol in petrol and 5% blending of biodiesel in diesel by 2030.
Biofuels are an appealing alternative energy option because they are renewable and have the potential to lower carbon emissions and environmental impacts while also cutting import dependence.
For the period ended July 2024, the company clocked total revenues of Rs 26.72 crore and net profit of Rs 2.6 crore.
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