Rappid Valves shares to list today. Here's what to expect
Rappid Valves will debut on the NSE SME platform today. Ahead of the listing, the stock was commanding a GMP of Rs 90 in the grey market.
Considering the upper price band of Rs 312, the stock is expected to list with a premium of 41% over the issue price.
The IPO, which was completely a fresh equity sale of 13.69 lakh shares, received overwhelming response from investors with an overall subscription of 176 times at close.
The net proceeds from the public offer will be used for funding capital expenditure for purchase of new plant and machineries and software, repayment of debt, pursuing inorganic growth through acquisitions and other general corporate purposes.
Rappid Valves is primarily engaged in the manufacturing of Valve solutions. Its extensive product portfolio encompasses a vast range of valves which includes Ball valves, Gate Valves, Globe Valves, Butterfly Valves, Check Valves, Double Block valves, Strainer Valves and Marine Valves which are manufactured using ferrous and non-ferrous materials, sizes ranging from 15mm to 600mm catering to diverse requirement.
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