Rajesh Power Services was incorporated on April 05, 2018. The company offers services to both the Renewable and Non-Renewable power sectors. In the Renewable sector, RPSL provides technical support for solar power plant setups and operates in Turkey for solar plant construction and maintenance. In the Non-Renewable sector, RPSL handles turnkey projects for Extra High Voltage (EHV) cable laying, transmission lines, substations, and underground power distribution systems
| Bidding Dates |
|---|
| 25 Nov 2024 - 27 Nov 2024 |
| Subscription |
|---|
| 54.91x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,27,600 | 1 | 1 | 400 | 4.8 M | ₹319 - ₹335 | 73.4 % | ₹1528.0 M - ₹1604.7 M | RHP DOC |
Rajesh Power Services Ltd. IPO SUBSCRIPTION STATUS
27 Nov '24Rajesh Power Services Ltd. IPO overall subscription rate was 54.91 times the total available shares
Rajesh Power Services Ltd. IPO retail subscription rate was 42.43 times in the retail segment
Rajesh Power Services Ltd. IPO non-institutional investor subscription rate was 185.21 times in the non-institutional investor category
Rajesh Power Services Ltd. IPO Qualified Institutional Bidder subscription rate was 24.54 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
27 Nov 2024 (Day 3) | 42.43x | 185.21x | 24.54x |
26 Nov 2024 (Day 2) | 9.3x | 7.79x | 0.86x |
25 Nov 2024 (Day 1) | 3.71x | 3.14x | - |
Rajesh Power Services Ltd. FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| H1FY25 | 276.8 | 3130.6 | 333.8 | 350.9 | 11.4% |
| FY24 | 260.2 | 2849.7 | -146.6 | -161.8 | 10.8% |
| FY23 | 67.5 | 2071.8 | 153.6 | 117.8 | 5.9% |
| FY22 | 34.5 | 1468.1 | 65.2 | 50.5 | 6.9% |
Rajesh Power Services Ltd. IPO SUBSCRIPTION STATUS DETAILS
Rajesh Power Services Ltd. had 4.8 M shares on offer
Rajesh Power Services Ltd. IPO offer price was in the range ₹319 - ₹335
Rajesh Power Services Ltd. IPO minimum Investment was ₹127600
Rajesh Power Services Ltd. IPO issue size was ₹ 1528.0 M - ₹ 1604.7 M
Rajesh Power Services Ltd. had a minimum lot size of 400 Shares per application
Rajesh Power Services Ltd. NUMBER OF SHARES ON OFFER
Rajesh Power Services Ltd. IPO IMPORTANT DATES
| Issue Open Date | 25 Nov 2024 |
| Issue close Date | 27 Nov 2024 |
| Allotment Date | 28 Nov 2024 |
| Refund Date | 29 Nov 2024 |
| Demat Account Credit Date | 29 Nov 2024 |
| Listing Date | 02 Dec 2024 |
| Listing on Exchange(s) | BSE |
| Rajesh Power Services Ltd. Allotment Status | Exchange |
Rajesh Power Services Ltd. IPO subscription opened on 25 Nov 2024, and closed on 27 Nov 2024
IPO allotment for Rajesh Power Services Ltd. was finalized on Thursday, 28 Nov 2024
IPO listing for Rajesh Power Services Ltd. was on BSE on Monday, 02 Dec 2024
Rajesh Power Services Ltd. IPO LISTING GAINS
| Issue Price (adjusted) | 335.0 |
| Listing Open Price | 636.5 |
| Listing Close Price | 668.3 |
| Listing Gain% | 90.0% |
| Current Gain% | 156.4% |
Rajesh Power Services Ltd. Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rajesh Power Services Ltd. | 859 | 1546.8 | 10.8 | 0.2 | 0.9 | 35.2 | 15.2 | 1633.4 | 46.5 | 143.2 | 53.4 | 79.5 | 53.4 |
| Adani Power Ltd. | 209 | 403050.1 | 28.3 | 1.9 | 6.8 | 19.8 | 9 | 57865.3 | -1.8 | 12834.3 | -0.8 | 7.4 | 14.9 |
| NTPC Ltd. | 342.5 | 332110.8 | 12 | 0.8 | 1.7 | 13.3 | 4.8 | 189798.6 | -0.6 | 27052.5 | 15.5 | 28.6 | 15.9 |
| Power Grid Corporation of India Ltd. | 271.6 | 252604.4 | 15.9 | 5.2 | 5.4 | 15.8 | 5.4 | 47684.4 | 0.5 | 15928 | 2.6 | 17.1 | 3 |
| Adani Energy Solutions Ltd. | 1630.1 | 199353.8 | 68.3 | 3.1 | 6.5 | 9 | 2.4 | 28325.2 | 15.9 | 2282.5 | 115.3 | 23.9 | 21.8 |
| Tata Power Company Ltd. | 380.6 | 121598.6 | 31.5 | -6.5 | 1.9 | 9.5 | 2.1 | 64171.7 | -4.2 | 3747.2 | -5.6 | 12.1 | -4.8 |
Rajesh Power Services Ltd. INFORMATION ON IPO ISSUE
About Rajesh Power Services Ltd.
Rajesh Power Services was incorporated on April 05, 2018. The company offers services to both the Renewable and Non-Renewable power sectors. In the Renewable sector, RPSL provides technical support for solar power plant setups and operates in Turkey for solar plant construction and maintenance. In the Non-Renewable sector, RPSL handles turnkey projects for Extra High Voltage (EHV) cable laying, transmission lines, substations, and underground power distribution systems
Object of the Issue
- Capital expenditure to purchase of cable identification, testing and fault location equipments, & for setting up of DC solar power plant having capacity of 1300 KW & inhouse development of technical expertise in production of Green Hydrogen and associated equipment such as electrolysers
- Additional working capital requirement
- General corporate purpose
Rajesh Power Services Ltd. - PROMOTERS
| Name |
|---|
| Rajendra Baldevbhai Patel |
| Kurang Ramchandra Panchal |
| Kaxil Prafulbhai Patel |
| Utsav Nehal Panchal |
Rajesh Power Services Ltd. Lead Manager of the Issue
Isk Advisors Private Limited
ncmpl@ncmpl.com
Rajesh Power Services Ltd. Registrar to the issue
Bigshare Services Private Limited
investor@bigshareonline.com
Rajesh Power Services Ltd. Strengths
Exploring opportunities in renewable energy
The company has been present in the renewable and non-renewable energy sectors since 2012. Under the Government of Gujarat’s First Solar Scheme (Charanka), RPSL owns and operates a 1 MW solar power plant and plans to expand its renewable energy portfolio with a new 1300 KW DC solar power plant
Strong order book
The company has successfully executed numerous projects in the power sector as EPC contractors for both government and private companies for over two decades. It has developed in-house expertise to handle diverse projects in both renewable and non-renewable power sectors, with confirmed orders worth Rs 2,35,817.18 lakh to be executed over the next three years
Financial performance
The company demonstrated strong financial performance, with total income growing at a CAGR of 40.55%, from Rs. 14,936.84 lakh in FY22 to Rs. 29,506.07 lakh in FY24, as per the standalone financial statement
Rajesh Power Services Ltd. Risks
Depend on the acceptance of bids
The company's revenues largely depend on the acceptance of bids submitted to government companies and other agencies. Performance could be impacted if a majority of the bids are not accepted or awarded
Capital intensive
The company faces risks due to longer execution periods, fluctuations in material and equipment prices, and cost overruns caused by delays in project completion, such as issues with right of way (ROW) and other clearances
Expansion of Solar Business
The company plans to set up a second solar plant with a capacity of 1300 KW DC in Ahmedabad. It has the necessary expertise and resources, and the plant will be installed on leasehold land, as the company does not own multiple solar plants
IPO FAQs
This IPO consists of an offer for sale of up to Rs 67.0 crore, of 2,000,000 shares. It also consists of a fresh issue of Rs 93.5 crore.
The promoters of the company are Rajendra Baldevbhai Patel, Kurang Ramchandra Panchal, Kaxil Prafulbhai Patel and Utsav Nehal Panchal.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 319.0 - 335.0.
The IPO application opens on Nov 25, 2024 and closes on Nov 27, 2024.
The minimum lot size for the IPO is 400. The maximum lot size for the IPO is 400.
For all category investors, the minimum application amount for this IPO is Rs. 127,600.0, the maximum value for this IPO is Rs 134,000.0.
This IPO will be allotted on Nov 28, 2024.
The refund will be credited to your account on Nov 29, 2024.
The allotted shares will be credited to your demat on Nov 29, 2024.
Rajesh Power Services Ltd.’s shares listed on the stock exchanges on Dec 02, 2024.