The IPO for Rapid Multimodal Logistics Ltd, a company providing logistical solutions, opened today and quickly became popular with investors. Within hours, the IPO was oversubscribed, meaning more shares were requested than available. This IPO is for an SME (small and medium enterprise), and the company’s shares will be listed on the BSE SME platform.
Subscription Status
As of 2:30 pm on Thursday, the IPO had been subscribed 2.23 times. This means there were bids for 21.44 lakh equity shares, even though only 9.60 lakh shares were available. In the retail category, the IPO was subscribed 4.01 times, while in the Non-Institutional Investors (NII) category, it was subscribed 0.36 times.
Grey Market Premium (GMP)
The shares of Rapid Multimodal Logistics are not showing any premium or discount in the grey market. The GMP today is ₹0, which means that the shares are trading at the same price as the issue price of ₹84 per share.
IPO Details
The Rapid Multimodal Logistics IPO is open for public subscription from Thursday, August 22, to Tuesday, August 27. The allotment of shares is expected to take place on August 28, with the shares being listed on the BSE SME on August 30.
The IPO price is set at ₹84 per share, with a lot size of 1,600 shares. Retail investors need to invest at least ₹134,400. The company aims to raise ₹8.49 crore through this IPO, which is entirely a fresh issue of 10.11 lakh equity shares. The funds raised will be used for working capital and general corporate purposes.
Gretex Corporate Services is managing the IPO, while Bigshare Services Pvt Ltd is handling the registration. The company is promoted by Narayan Agarwal, Manoj Goel, Summit Agarwal, and Nidhi Agarwal.
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