May 29, 2024 23:13 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'We are not in permanent marriage': Arvind Kejriwal on tie-up with Congress, predicts a 300-seat win for INDIA bloc | Pune Porsche accident: Hospital dean alleges political interference by legislator | TMC transferring SC, ST, OBC reservations to Muslims: PM Modi in Bengal | Mani Shankar Aiyar's '1962 Chinese invasion' comment sparks row, Congress distances itself after BJP ire | Supreme Court refuses to hear Arvind Kejriwal's bail plea seeking interim bail extension
Rulka Electricals Limited IPO opens May 16; price band fixed at Rs 223-235
Photo Courtesy: Pixabay

Rulka Electricals Limited IPO opens May 16; price band fixed at Rs 223-235

| @indiablooms | 15 May 2024, 12:37 am

Mumbai: Integrated electrical services company Rulka Electricals Ltd will launch its initial public offering (IPO) will open on Thursday, May 16, 2024.

The anchor portion opened on Wednesday, May 15, 2024, and the issue will conclude on Tuesday, May 21, 2024.

The company intends to raise approximately Rs. 26.4 crore (at upper price band) from the offering and aims to be listed on the NSE Emerge platform.

The price band for the issue has been fixed at Rs. 223 - Rs. 235 per share, and the lot size will be 600 equity shares.

Beeline Capital Advisors Private Limited is the sole Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar for the issue.

The IPO will comprise a fresh issue of 8.42 lakh Equity Shares and an Offer for Sale of up to 2.8 lakh Equity Shares with a face value of Rs. 10/- through the book-building route. The offer for sale is by selling shareholder Abhay Kantilal Shah HUF.

As many as 56,400 equity shares have been reserved for the Market Maker, 1.6 lakh equity shares for the HNI portion, 2.13 lakh equity shares allocated for QIBs, and the Retail (RII) portion accounts for 3.73 lakh equity shares.

According to the RHP document, the company proposes to use Rs. 14 crore of the net proceeds from the IPO to meet its working capital requirement for expanding its business activities.

It plans to utilise the remaining capital for general corporate purposes and public offer expenses.

The Mumbai-headquartered company is a turn-key project contractor offering solutions for all types of electrical and firefighting turnkey projects.

It offers a wide range of services like electrical solutions, electrical panels, solar EPC contracts, turn key electrical warehousing projects, electrical commercial, industrial services, maintenance services, electrical contracting and data & voice cabling installation across the industrial, commercial, retail and theatre sectors.

The company also offers electrical contracting services for all types of industrial plants.

Incorporated in 2013, REL was promoted by the entrepreneur duo Rupesh Laxman Kasavkar and Nitin Indrakumar Aher, both have over two decades of rich experience in the electrical domain.

With extensive experience in site execution and electrical / fire project work, the promoters have been instrumental in shaping the company’s growth strategy.

The company recorded a revenue of Rs. 65.18 crore with a profit (PAT) of Rs. 5.65 crore in the first eleven months of the financial year 2023-24, which ended February 29, 2024, compared to a revenue of Rs. 46.83 crore and a profit (PAT) of Rs. 2.8 crore in FY 2022-23.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.