Rajgor Castor Derivatives' initial public offering (IPO), managed by Beeline Capital Advisors and Link Intime India, has been oversubscribed nearly 11 times, demonstrating strong investor interest. The company aims to raise Rs 47.81 crore through the sale of 68.49 lakh units priced between Rs 47-50 per share. The offer includes the sale of promoter stakes.
Qualified institutional buyers have shown significant interest in the offering, subscribing 10.78 times. This follows the company's successful securing of Rs 13.56 crore from seven anchor investors ahead of the IPO. The funds raised from the IPO will be allocated towards working capital and corporate expenses, providing a financial boost to the company's operations.
Rajgor Castor Derivatives, a business-to-business (B2B) manufacturer of castor oil, castor oil cake, and high-protein oil cake, reported a net profit of Rs 5.54 crore in FY23 from revenues of Rs 428.78 crore. Spread X Securities is acting as the market maker for the IPO.
The robust response to Rajgor Castor Derivatives' IPO underscores investor confidence in the company's business model and growth prospects. The successful fundraising effort also highlights the overall strength of India's primary market amid an environment of global economic recovery.
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