Ramdevbaba Solvent Ltd Share Price – NSE

Edible Oil, Small Cap

Ramdevbaba Solvent will hold a meeting of the Board of Directors of the Company on 29 May 2024.

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The scrip was listed at Rs 112, a premium of 31.76% compared with the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 117.60 and a low of Rs 111. About 21.09 lakh shares of the company changed hands at the counter.

Ramdevbaba Solvent's IPO was subscribed 83.71 times. The issue opened for bidding on 15 April 2024 and it closed on 18 April 2024. The price band of the IPO was fixed at Rs 80 to Rs 85 per share.

The company intends to utilise the net proceeds to meet working capital requirement of the company, to setting up of new manufacturing facility, to repayment in full or in part, of certain of outstanding borrowings and general corporate purpose.

Ahead of the IPO, Ramdevbaba Solvent on 12 April 2024, raised Rs 14.28 crore from anchor investors. The board allotted 16.80 lakh shares at Rs 85 per share to 7 anchor investors.

Ramdevbaba Solvent is engaged in the business of manufacturing, distribution, marketing and selling of physically refined rice bran oil. The company manufactures and sell rice bran oil to FMCG companies like Mother Dairy Fruit & Vegetable, Marico and Empire Spices and Foods. It also manufacture, market and sell rice bran oil under its own brands Tulsi and Sehat through 38 distributors who in turn sell to various retailers across Maharashtra. The company has 491 employees.

The company recorded revenue from operations of Rs 463.59 crore and net profit of Rs 8.28 crore for the period as on 31 December 2023.

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