Rukmani Devi Garg Agro Impex made a weak stock market debut on Monday. The shares opened at Rs 79.20 on the BSE SME platform.
The listing disappointed investors as the issue price was Rs 99 per share. Many expected gains because the stock traded at a 36 per cent premium in the grey market before listing.
The IPO opened from September 26 to 30 and raised Rs 23.5 crore through fresh shares. Investors subscribed the issue more than 28 times. Non-institutional buyers showed maximum demand, subscribing their portion 57 times. Fedex Securities managed the issue, while Bigshare Services worked as registrar.
Founded in 1998, the company operates in agro-processing and deals in wheat, mustard, maize, soybeans, and coriander. It owns three warehouses with 20,000 MT capacity and leases two more of similar size. A processing unit in RIICO with 3,500 MT storage supports its operations. With 118 distributors across India, the firm will use IPO funds to expand working capital and cover corporate needs.
