August 22, 2024
New Delhi, India
SME IPO
The initial public offering (IPO) of Rapid Multimodal Logistics Ltd, a provider of logistical solutions, opened today and quickly garnered significant attention, with the issue being oversubscribed within hours of its launch. The IPO, which is an SME offering, is set to remain open until August 27, 2024.
IPO Details: Rapid Multimodal Logistics has set a fixed price band of ₹84 per share for its IPO. The company plans to raise ₹8.49 crore through the fresh issue of 10.11 lakh equity shares. The equity shares will be listed on the BSE SME platform.
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Subscription Status: On the first day of bidding, Rapid Multimodal Logistics IPO received an overwhelming response, being subscribed 2.23 times by 2:30 PM. The IPO attracted bids for 21.44 lakh equity shares, against the 9.60 lakh shares on offer. The retail category was particularly strong, with a subscription rate of 4.01 times, while the Non-Institutional Investors (NII) category was subscribed 0.36 times.
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GMP and Market Sentiment: As of today, the grey market premium (GMP) for Rapid Multimodal Logistics shares stands at ₹0, indicating that the shares are trading at par with their issue price of ₹84 per share. This suggests that the market sentiment for this SME IPO is neutral, with no premium or discount being observed in the grey market.
Key Dates and Investment Details:
- IPO Opening Date: August 22, 2024
- IPO Closing Date: August 27, 2024
- IPO Allotment Date: August 28, 2024
- IPO Listing Date: August 30, 2024
The IPO lot size is 1,600 shares, requiring a minimum investment of ₹134,400 for retail investors.
Use of Proceeds: The company plans to utilize the net proceeds from the IPO for working capital requirements and general corporate purposes. The fresh issue is expected to support the company’s growth and operational needs.
Promoters and Management: Rapid Multimodal Logistics is promoted by Narayan Agarwal, Manoj Goel, Summit Agarwal, and Nidhi Agarwal. Gretex Corporate Services is the book-running lead manager for the IPO, while Bigshare Services Pvt Ltd is the registrar.
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