December 2, 2024
New Delhi, India
Rajesh Power IPO
Rajesh Power had a remarkable listing on the BSE SME on December 2, debuting at ₹636 per share—a 90% premium over its IPO price of ₹335. The stock continued its upward trajectory, hitting ₹668.30, delivering nearly 100% gains to early investors.
Impressive IPO Subscription
The IPO, which was open from November 25 to 27, garnered significant investor interest, oversubscribed 59 times.
- NII segment: 138.46 times
- QIB portion: 46.39 times
- Retail investors: 31.96 times
Utilization of IPO Proceeds
The raised funds will support key initiatives, including:
- Setting up a 1300 KW DC solar power plant
- Development of green hydrogen production facilities
- Purchasing cable testing and fault location equipment
- Enhancing working capital and general corporate purposes
About Rajesh Power
Specializing in EPC contracts for power transmission and distribution, Rajesh Power operates in both renewable and non-renewable energy sectors. Its services include laying underground cable networks, building substations, and setting up solar power plants.
Financial Highlights
The company’s profit after tax surged by 285.44% in FY24 to ₹26.02 crore, driven by robust operational revenues and other income, aligning with its growth strategy outlined in its DRHP.
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