Gujarat-based Rajesh Power Services will open its Rs 160 crore IPO for subscription on November 25. This will be the sixth IPO from the SME segment to be launched in the current month despite the weak mood in the equity market. The price band for the public issue has been fixed at Rs 320-335 per share. Institutional investors can participate in the anchor book of the offer for a single day on November 22, while subscription for all investor categories will close on November 27.

 

Fresh issue of 27.9 lakh equity shares

The IPO is a fresh issue of up to 27.9 lakh equity shares (Rs 93.5 lakh crore at the upper price band) and an offer for sale of up to 20 lakh shares (Rs 67 lakh crore) by the promoters - Panchal and Patel families. The solar power generation company has reserved half of the net offer size for qualified institutional buyers, 15 per cent for non-qualified investors and the rest for retail investors. Retail investors can bid for a minimum and maximum of 400 equity shares at the upper price band for Rs 1.34 lakh, as their investment for the IPO cannot exceed the limit of Rs 2 lakh.