● Issue Size – Up To 59,13,600 Equity Shares of ₹ 10 each, Issue Size – ₹ 47.31 Crores – ₹ 50.27 Crores, Price Brand– ₹ 80 – ₹ 85, Market Lot Size – 1,600 Equity Shares
Nagpur :- Ramdevbaba Solvent Limited, headquartered in Nagpur, is a manufacturer and distributor of Physically Refined Rice Bran Oil, has announced its plan to go public with an Initial Public Offering on April 15, 2024. The company is aiming to raise ₹ 50.27 Crores at upper price band through this IPO, with shares set to be listed on the NSE Emerge.
The issue size is Up to 59,13,600 equity shares at face value of ₹ 10 each.
Equity Share Allocation
· QIB Anchor Portion – Up to 16,80,000 Equity Shares
· Net Qualified Institutional Buyers (QIB) – Not more than 11,20,000 Equity Shares
· Non-Institutional Investors (NII) – Not less than 8,40,000 Equity Shares
· Retail Individual Investors (RII) – Not less than 19,60,000 Equity Shares
· Market Maker – Up to 3,13,600 Equity Shares
The net proceeds from the IPO will be utilized to Setting up of new manufacturing facility, repayment in full or in part, of certain of our outstanding borrowings, funding the working capital requirements and general corporate expenses. The bidding for the Anchor portion will open on April 12, 2024, the issue will open on April 15, 2024 and closes on April 18, 2024.
The Book Running Lead Manager to the Issue is Choice Capital Advisors Private Limited. The Registrar to the Issue is Bigshare Services Private Limited.
On the auspicious occasion of Godi Padwa Choice group opening its 2nd branch in Nagpur for its premium clients providing services in financial sector like Equity, Wealth Mgmt, NBFC, IPO, Bonds, Investment Banking, Merger & Acquisition business.
Choice Group is among top financial service India with presence in 22 states with 115 cities, employees strength 6000. They also plan to open more branches in Maharashtra & across India.
Nilesh Suresh Mohata, Managing Director of Ramdevbaba Solvent Limited said, ” We are delighted to announce our upcoming IPO, marking a significant stride in our growth journey. This decision reflects our confidence in our company’s capabilities and our commitment to seizing new opportunities for expansion. Our strategically located manufacturing facilities, and meticulously managed for quality control, position us well for increased visibility and market presence. By embarking on this new chapter, we are primed to capitalize on opportunities for growth and innovation in our industry.
This IPO will not only enhance our corporate standing but also amplifies the recognition of the Ramdevbaba Solvent Limited brand. Further, debt repayment will strengthen our balance sheet. We foresee these initiatives yielding numerous advantages, adding value and strengthening our position as a whole.”
Ratiraj Tibrewal, Director of Choice Capital Advisors Private Limited said, ” I’m glad about the upcoming IPO of Ramdevbaba Solvent Limited. This company has shown impressive resilience and adaptability in its diverse operations, ranging from manufacturing to distribution of Rice Bran Oil and its by-products. With strategic manufacturing facilities and a strong presence in key markets, the company is well-positioned for future growth. Their commitment to innovation and sustainability makes them an attractive investment opportunity. I believe this IPO brings a promising prospect.”
About Ramdevbaba Solvent Limited:
Ramdevbaba Solvent Limited, a Nagpur-based company incorporated in 2008, specializes in the manufacturing, distribution, marketing, and selling of Physically Refined Rice Bran Oil. With its manufacturing facilities strategically located near Nagpur, Maharashtra, the company holds a strategic advantage in the production and distribution of Rice Bran Oil within Maharashtra. Catering to the needs of FMCG companies such as Mother Dairy Fruit & Vegetable Private Limited and Marico Limited, Ramdevbaba Solvent Limited ensures the supply of high-quality Rice Bran Oil for various applications. Additionally, the company markets and sells its products under its own brands, namely ‘Tulsi’ and ‘Sehat’, further expanding its reach and consumer base. Alongside Rice Bran Oil, the company also offers De-oiled Rice Bran (DORB) as a valuable by-product of the extraction process. Leveraging its extensive distribution network, Ramdevbaba Solvent Limited distributes DORB across various states in India, contributing to the utilization and value extraction from every stage of the production process. The company has significant investments in Too Gud FMCG Products Private Limited and RBS Renewables Private Limited. RBS Renewables is gearing up to operate an ethanol plant, dealing in fuels and agro-products. Too Gud FMCG Products aims to trade in consumer goods and agro-commodities.
