Rockingdeals Circular Economy Ltd made an impressive debut on November 30 as its shares opened a staggering 125% higher on the NSE SME platform. This remarkable surge followed the overwhelming response to the SME’s initial public offering (IPO), which was subscribed over 213 times in the preceding week.
Commencing at Rs 300 on the NSE SME platform, a substantial leap from its issue price of Rs 140 per share, the stock demonstrated strong early momentum. By 10 am, it continued its upward trajectory, trading at Rs 315, marking a remarkable 125% increase from its issue price.
During the SME IPO’s bidding window, spanning from November 22 to 24, investor enthusiasm reached unprecedented levels. The retail category witnessed a staggering 201.42 times subscription, while Qualified Institutional Buyers (QIPs) demonstrated robust interest with a subscription rate of 47.4 times. Notably, Non-Institutional Investors (NIIs) exhibited exceptional confidence, subscribing at an impressive rate of 459 times.
The Rs 21-crore IPO, comprising an entire fresh issue of 15 lakh shares, was met with resounding success. Rockingdeals Circular Economy Ltd plans to channel the net proceeds towards addressing working capital needs and bolstering brand positioning, marketing, and advertising efforts.
