Rajputana Biodiesel set for inaugural IPO on November 26

Rajputana Biodiesel is set to debut in the capital market on November 26 as the company is aiming to raise Rs 24.7 crore through its initial public offering (IPO) on Dalal Street. The price band for the offering is set between Rs 123 and Rs 130 per share.

The IPO of Rajputana Biodiesel would comprise a fresh issue of 19 lakh equity shares and will remain open until November 28. Trading in shares of Rajputana Biodiesel on the NSE Emerge platform is scheduled to begin on December 3.

Retail investors can bid for a minimum lot of 1,000 shares, amounting to Rs 1.3 lakh. Retail investments are capped at Rs 2 lakh for any IPO. Of the net issue (excluding the market maker’s portion), 50% is reserved for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors. GYR Capital Advisors is serving as the merchant banker for the issue.

Rajputana Biodiesel is a Jaipur-headquartered company specializing in the production of biofuels and by-products like glycerine and fatty acids. The Company was incorporated in November 2016 and manufacturing unit is operational in Phulera of Rajasthan which is spread over 4000 Square Meters. Rajputana Biodiesel operates the manufacturing facility with a production capacity of 24 kiloliters per day (KLPD), producing bio-fuels along with by-products like glycerine and fatty acids.

The company plans to allocate Rs 4.2 crore from the fresh issue proceeds as a loan to its Uttar Pradesh-based subsidiary, Nirvaanraj Energy, to expand its manufacturing facility. Additionally, ₹12.2 crore will be used to meet working capital needs, while the remaining funds will cover general corporate purposes.