Rappid Valves Soars 40.5% on Debut, Opening at ₹312 on NSE SME

Rappid Valves made a strong debut on the NSE SME today, opening at ₹312 per share, which is 40.5% higher than its issue price of ₹222.

The IPO subscription for Rappid Valves (India) began on September 23 and ended on September 25. The shares were offered in a price range of ₹210 to ₹222, with a face value of ₹10 per share. Investors had to apply for a minimum of 600 shares. The IPO saw an impressive subscription rate of 176.06 times on the last day, according to chittorgarh.com.

Founded in 2002, Rappid Valves specializes in manufacturing various types of valves, including globe, butterfly, check, double block, filter, ball, gate, and marine valves. These products come in sizes ranging from 15mm to 600mm and are made from both ferrous and non-ferrous materials.

The company’s manufacturing facility is equipped with advanced machinery, including CNC machines, test benches, lathes, milling machines, and more, ensuring efficient production processes.

IPO Details:

The Rappid Valves IPO raised ₹30.41 crore, comprising fresh issuance of 1,369,800 equity shares, with no “offer for sale” component. The funds from the IPO will be used for several purposes, including purchasing new equipment, renovating the company’s registered office and production facility, repaying loans, pursuing acquisitions, and general corporate expenses.

Shreni Shares Limited is the lead manager for the IPO, while Link Intime India Private Ltd serves as the registrar. Rikhav Securities is the market maker for the offering.

Grey Market Premium:

Currently, Rappid Valves shares are trading at a premium of ₹100 in the grey market, indicating strong demand. Based on this and the IPO price, the estimated listing price was projected to be around ₹322, representing a potential increase of 45.05% from the issue price.