Ahmedabad-based Rajesh Power Services Limited (RPSL), a key player in the power sector, has successfully raised ₹44.76 crore through its Anchor book subscription ahead of its Initial Public Offering (IPO). The anchor investment saw the sale of 13.36 lakh equity shares at ₹335 each, attracting several marquee investors, including Moneywise Financial Services Pvt Ltd, Negen Undiscovered Value Fund, and others. Moneywise Financial Services accounted for the largest share at 21.25%.
The IPO, which opened yesterday, November 25, and closing on November 27, aims to raise ₹160.5 crore. The company plans to allocate ₹25.10 crore of the proceeds toward renewable energy and green initiatives. This includes ₹17.94 crore for cable identification and testing equipment, ₹4.16 crore to set up a 1,300 kW DC solar power plant, and ₹3 crore for developing expertise in Green Hydrogen production and electrolyser technology. Additionally, ₹30 crore will support working capital, while the remainder will go toward general corporate purposes.
RPSL’s IPO includes a fresh issue of 27.9 lakh equity shares and an offer for sale of 20 lakh shares at a price band of ₹319-₹335 per share. The distribution includes 16.04 lakh shares for retail investors, 9.13 lakh for qualified institutional buyers, and 6.91 lakh for non-institutional investors.
Founded under the leadership of Kurang Panchal and Rajendra Baldevbhai Patel, RPSL has been a pioneer in renewable energy since its foray into solar power in 2012. The company set up a 1 MW solar power plant in Gujarat under a government scheme initiated by then-Chief Minister Narendra Modi. The plant continues to supply power to PGVCL DISCOM, underscoring RPSL’s commitment to sustainable energy solutions.
This IPO marks a significant step in RPSL’s journey toward bolstering India’s renewable energy capabilities.
