BSE SME Rudra Gas Enterprise soars on listing

Shares of Rudra Gas Enterprise were quoting at Rs 125.68 on the BSE, a premium of 99.49% compared with the issue price of Rs 63.

The scrip was listed at Rs 119.70, a premium of 90% compared with the initial public offer (IPO) price. The stock is currently frozen at its upper limit of 5% over its listing price.

The counter hit a high of Rs 125.68 and a low of Rs 119.70. About 9.18 lakh shares of the company changed hands at the counter.

Rudra Gas Enterprise's IPO was subscribed 332.70 times. The issue opened for bidding on 8 February 2024 and it closed on 12 February 2024. The price of the IPO was fixed at Rs 63 per share.

The IPO comprised fresh issue of 22,48,000 shares. The promoter and promoter shareholding diluted to 73.03% from 99.99% pre-IPO.

The company intends to utilize the net proceeds to meet working capital expenditure and for general corporate purposes.

Rudra Gas Enterprise is primarily involved in gas distribution network projects, including the construction, maintenance, and operation of pipeline networks for city gas distribution. Additionally, it offers services in the fiber cable network sector, encompassing the installation and maintenance of optical fiber cable. The company also provides rental services for construction machinery and vehicles. Its clientele includes both public and private sector entities in the city gas distribution and telecommunication industries. As of 31 October 2023, the company has 512 permanent employees on the payroll of the company.

The company recorded revenue from operations of Rs 34.36 crore and net profit of Rs 2.47 crore for the period as on 31 October 2023.

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