SME IPO: Rockingdeals Circular issue subscribed over 142 times as on final day
Rockingdeals Circular Economy was subscribed 142.16 times on the last day of bidding on Friday. The SME board IPO received over 21.35 crore bids against the issue size of 15 lakh shares as of 4:30 pm.
As a result of this overwhelming response to the IPO, the share is already demanding a 30% premium on the issue price of Rs 136-140/share in the grey market.
The IPO opened for subscription on November 22, Wednesday.
The company planned to raise Rs 21 crore through fresh issue of shares.
A portion of this has been slated to be raised from qualified institutional investors under the anchor allotment scheme. The anchor placement took place on November 21.
Faridabad-based Rockingdeals is a B2B sourcing platform for unboxed, refurbished and excess inventory products across the consumer retail space.
The company has over 18 categories of stock keeping units (SKU), which include electrical appliances (Syska, Havells, LG, Panasonic, Usha, Crompton, Luminous, Phillips, etc.), apparels & footwear (Zara, Nike, Campus, etc.), speakers (Boat, JBL, Gizmore), mobiles and mobile accessories (Lenovo, Boat, Gizmore, etc.), and various other products.
These products are obtained from e-commerce vendors of platforms like Snapdeal, affiliates of Flipkart and Amazon, companies like GO Auto, Salora International, Zazz Technology Connect, and dealers and distributors like Matrix Housewares, Raj Agency, Sudhi Enterprises, etc.
For FY23, the company reported a revenue of Rs 15.2 crore and a profit of Rs 1.54 crore.
The company aims to get listed on the NSE Emerge platform.
The company plans to utilise the proceeds from the fresh issue towards funding its working capital requirements, building the brand, marketing and advertising, and for
