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NSE SME Rappid Valves (India) lists at premium

Last Updated : Sep 30 2024 | 12:04 PM IST

Shares of Rappid Valves (India) were trading at Rs 303 on the NSE, a premium of 36.49% compared with the issue price of Rs 222.

The scrip was listed at Rs 312, a premium of 40.54% over the initial public offer (IPO) price. The stock was currently down 2.88% over its listing price.

The counter hit a high of Rs 327.60 and a low of Rs 302. About 5.68 lakh shares of the company changed hands at the counter.

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Rappid Valves (India)'s IPO was subscribed 117.11 times. The issue opened for bidding on 23 September 2024 and it closed on 25 September 2024. The price band of the IPO was set at Rs 210 to Rs 222 per share.

The IPO comprised fresh issue of 13,69,800 shares. The promoter and promoter group shareholding diluted to 5.13% from 69.46% pre-IPO.

The company intends to utilize the net proceeds for purchase of new plant and machineries and software by company, expenditure for renovation of registered office and existing manufacturing unit, repayment or prepayment of all or certain of borrowings availed of by company, pursuing inorganic growth initiatives through acquisitions and for general corporate purpose.

Ahead of the IPO, Rappid Valves (India) on 20 September 2024, raised Rs 8.64 crore from anchor investors. The board allotted 3.89 lakh shares at Rs 222 per share to 4 anchor investor.

Rappid Valves (India) is primarily engaged in the manufacturing of Valve solutions. The companys extensive product portfolio encompasses a vast range of valves which includes Ball valves, Gate Valves, Globe Valves, Butterfly Valves, Check Valves, Double Block valves, Strainer Valves and Marine Valves. As on 30 June 2024, the company has 47 employees .