Rajesh Power Services IPO Closed
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Schedule of Rajesh Power Services
| Issue open date | 25 Nov 2024 |
| Issue close date | 27 Nov 2024 |
| UPI mandate deadline | 27 Nov 2024 (5 PM) |
| Allotment finalization | 28 Nov 2024 |
| Refund initiation | 29 Nov 2024 |
| Share credit | 29 Nov 2024 |
| Listing date | 02 Dec 2024 |
| Mandate end date | 12 Dec 2024 |
| Lock-in end date for anchor investors (50%) | 28 Dec 2024 |
| Lock-in end date for anchor investors (remaining) | 26 Feb 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Rajesh Power Services
Rajesh Power Services Limited (RPSL) evolved from a partnership firm in 1971 to a private limited company in 2010 and became a public limited company in 2024. The company, under the leadership of experienced promoters and third-generation management, specializes in power infrastructure services for renewable (solar power) and non-renewable sectors. RPSL has expertise in building, operating, and maintaining solar power plants, high-voltage transmission lines, and substations, alongside offering utility and consultancy services. With a strong ₹23,581.74 crore order book as of March 2024, the company is executing projects under key government schemes. RPSL also holds a 26% stake in HKRP Innovations, providing IoT and cloud-based energy solutions.
Financials of Rajesh Power Services
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹160.47 crores |
| Fresh Issue | ₹93.47 crores |
| Offer for Sale | ₹67 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Purchase of cable testing and fault detection equipment. | 17.94 (19.2%) |
| Setting up of DC Solar Power Plant (1300 KW) | 4.16 (4.45%) |
| In-house development of technical expertise | 3 (3.21%) |
| Additional working capital requirement | 30 (32.10%) |
| General corporate purposes | 38.36 (41.04%) |
Strengths
- Strong financial performance with consistent revenue and profit growth.
- Reliable order book valued at ₹2,358.17 crores showcases execution expertise.
- Expanding into solar and hydrogen electrolyser projects, aligning with industry trends.
Risks
- Dependence on government bid acceptance risks revenue impact from rejections.
- Early-stage solar expansion poses scalability and execution challenges.
- Nascent hydrogen electrolyser projects depend on long-term success.
- Labor-intensive operations face risks from shortages, strikes, or regulatory changes.