Shares of Rulka Electricals were quoting at Rs 498.75 on the NSE, a premium of 112.23% compared with the issue price of Rs 235.
The scrip was listed at Rs 525, a premium of 123.40% compared with the initial public offer (IPO) price. The stock is currently frozen in its lower limit of 5% over its listing price.The counter hit a high of Rs 551.25 and a low of Rs 498.75. About 4.45 lakh shares of the company changed hands at the counter.
Rulka Electricals' IPO was subscribed 600.72 times. The issue opened for bidding on 16 May 2024 and it closed on 21 May 2024. The price band of the IPO was fixed between Rs 223 to Rs 235 per share.
The IPO comprised fresh issue of 8,42,400 equity shares. The promoter and promoter group shareholding diluted to 69.22% from 86.28% pre-IPO.
The issue size comprises of fresh issue of 8,42,400 and offer for sale (OFS) of 2,80,800 shares by existing shareholders.
The company intends to utilize the net proceeds to meet working capital requirements of the company, to meet the offer expenses and general corporate purposes.
Ahead of the IPO, Rulka Electricals on 15 May 2024, raised Rs 7.50 crore from anchor investors. The board allotted 3.19 lakh shares at Rs 235 per share to 7 anchor investors.
Rulka Electricals engaged in offering solution for all types of electrical & fire fighting turnkey projects. The company offers wide range of services like electrical solutions, electrical panels, solar epc contracts, turn key electrical warehousing projects, electric commercial industrial services, maintenance services, electrical contracting and data & voice cabling installation across the industrial sector, commercial, retail and theatre sector. As of 29 February 2024, the company has 92 employees.
The company recorded revenue from operations of Rs 65.18 crore and net profit of Rs 5.65 crore for the period as on 29 February 2024.
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