The shares of rappid valves hit a 5 per cent upper circuit after debut week, pushing the stock to a high price of Rs 347.55 per share on NSE SME (National Stock Exchange, Emerging Exchange).
The rang the opening bell at Rs 344.00 per share on the NSE SME, which quickly increased to a 5 per cent upper circuit price of Rs 347.55 per share on the NSE SME exchange.
The stock Rappid Valves saw its debut in the last week of September, which gave investors a hefty chunk of profit amounting to Rs 54,000 (54,000 (Rs 90 x 600) on each lot investors were allotted.
The IPO subscription details
The Rs 30.4-crore Rappid Valves India IPO, which was open for subscription from September 23 to September 25, was well received by investors.
The issue was oversubscribed by more than 176 times during the three-day bidding period, with bids for 16.03 crore shares being received by the company against the 9.1 lakh shares that were put up for sale.
Non-institutional investors (NII) dominated the demand, as evidenced by the 491.5-fold oversubscription of the share reserved for them. The retail investor category was overbid by more than 109 times, whereas the qualified institutional buyers' portion was almost 56 times booked.
Stock performance till now
The shares of the Rappid Valves have risen over 15 per cent amounting to a total surge of Rs 45.55 per share since the listing price of Rs 312 per share on the NSE SME exchange (National Stock Exchange, SME).
The shares have given a profit of Rs 125.55 per share to the IPO allotees, amounting to a total profit of (Rs 125.55 x 60 = 75,330) per lot to the allotees. Translating the profit to 56.55 per cent from the issue price in the IPO, which stood at Rs 222 per share.
