Rulka Electricals stock makes resounding debut on NSE Emerge; lists at 123.4% premium over IPO price

Hyderabad: Mumbai-based Rulka Electricals Limited (REL), an electrical services company, on Thursday made a stellar debut on the NSE Emerge platform. The stock was listed at Rs. 525/-, at a premium of 123.4% over the fixed price band of Rs 235. Earlier this week, the issue received an overwhelming response from the investors as the QIB portion was subscribed 205 times, the NII portion was subscribed 1,351 times and the Retail individual investors (RII) quota was subscribed 659 times, bringing the overall subscription to 677 times, until the final day of bidding on May 21, garnering bids worth over Rs 11,890 crore.

The IPO comprised a fresh issue of 8,42,400 equity shares and an Offer for Sale of up to 2,80,800 equity shares with a face value of Rs 10 each through the book-building route. The lot size is 600 shares. Beeline Capital Advisors Private Limited is the sole Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar to the offer.

Marquee investors, including BOFA Securities Europe SA – ODI, Negen Undiscovered Value Fund, Galaxy Noble Global Opportunities Fund PCC – GNGOF 1, Benani Capital – Benani Capital Scheme 1, North Star Opportunities Fund VCC – Bull Value Incorporated VCC Sub – Fund, Saint Capital Fund and Eminence Global Fund PCC – Eubilia Capital Partners Fund 1 participated in the anchor book subscription.

The company aims to raise Rs. 26.4 crore from the issue and proposes to utilise Rs 14 crore of the net proceeds from the IPO to meet its working capital requirement for expanding its business activities. It plans to use the remaining capital for general corporate purposes and public offer expenses.

Rulka Electricals Limited 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 is promoted by the entrepreneur duo Rupesh Laxman Kasavkar and Nitin Indrakumar Aher, both of whom 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.