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PNN
Mumbai (Maharashtra) [India], April 9: Ramdevbaba Solvent Limited, headquartered in Nagpur, is a manufacturer and distributor of Physically Refined Rice Bran Oil, has announced its plan to go public with an Initial Public Offering on April 15, 2024. The company is aiming to raise Rs 50.27 Crores at upper price band through this IPO, with shares set to be listed on the NSE Emerge. The issue size is Up to 59,13,600 equity shares at face value of Rs 10 each. Equity Share Allocation - QIB Anchor Portion - Up to 16,80,000 Equity Shares - Net Qualified Institutional Buyers (QIB) - Not more than 11,20,000 Equity Shares - Non-Institutional Investors (NII) - Not less than 8,40,000 Equity Shares - Retail Individual Investors (RII) - Not less than 19,60,000 Equity Shares - Market Maker - Up to 3,13,600 Equity Shares The net proceeds from the IPO will be utilized to Setting up of new manufacturing facility, repayment in full or in part, of certain of our outstanding borrowings, funding the working capital requirements and general corporate expenses. The bidding for the Anchor portion will open on April 12, 2024, the issue will open on April 15, 2024 and closes on April 18, 2024. The Book Running Lead Manager to the Issue is Choice Capital Advisors Private Limited. The Registrar to the Issue is Bigshare Services Private Limited. Nilesh Suresh Mohata, Managing Director of Ramdevbaba Solvent Limited said, " We are delighted to announce our upcoming IPO, marking a significant stride in our growth journey. This decision reflects our confidence in our company's capabilities and our commitment to seizing new opportunities for expansion. Our strategically located manufacturing facilities, and meticulously managed for quality control, position us well for increased visibility and market presence. By embarking on this new chapter, we are primed to capitalize on opportunities for growth and innovation in our industry. This IPO will not only enhance our corporate standing but also amplifies the recognition of the Ramdevbaba Solvent Limited brand. Further, debt repayment will strengthen our balance sheet. We foresee these initiatives yielding numerous advantages, adding value and strengthening our position as a whole." Ratiraj Tibrewal, Director of Choice Capital Advisors Private Limited said, " I'm glad about the upcoming IPO of Ramdevbaba Solvent Limited. This company has shown impressive resilience and adaptability in its diverse operations, ranging from manufacturing to distribution of Rice Bran Oil and its by-products. With strategic manufacturing facilities and a strong presence in key markets, the company is well-positioned for future growth. Their commitment to innovation and sustainability makes them an attractive investment opportunity. I believe this IPO brings a promising prospect." (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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