Rajgor Castor Derivatives made an impressive debut on the NSE on October 31, opening at an 18 percent premium to its IPO price. The stock initiated trading at Rs 59, a significant rise from the issue price of Rs 50, on the SME platform.
During its public issue, the company successfully raised Rs 47.81 crore. This sum was generated through 88.95 lakh shares valued at Rs 44.48 crore and an offer-for-sale of 6.66 lakh shares worth Rs 3.33 crore. The subscription period, which spanned from October 17 to October 20, featured a price band of Rs 47-50 per share.
The SME public issue garnered remarkable investor interest, witnessing an oversubscription rate of 97.73 times. The total bids received amounted to 66.93 crore shares, significantly surpassing the offer size of 68.49 lakh shares. Retail investors exhibited strong enthusiasm, oversubscribing their quota by 80.07 times, while high net-worth individuals displayed exceptional interest, oversubscribing by a staggering 260 times. Qualified institutional buyers also participated actively, oversubscribing their allotted quota by 35.52 times. Seven anchor investors, including NAV Capital VCC, Neomile Growth Fund, Moneywise Financial Services, Rajasthan Global Securities, LRSD Securities, VPK Global Ventures, and Nexus Global Opportunities Fund, invested a total of Rs 13.56 crore in the company.
The promoters of Rajgor Castor Derivatives, namely Brijeshkumar Vasantlal Rajgor, Vasantkumar S Rajgor, and Maheshkumar S Rajgor, reported strong earnings growth in recent fiscal years. The company’s net profit experienced a substantial increase, rising from Rs 0.52 crore in FY22 to Rs 5.54 crore in the fiscal year ending FY23 on a year-on-year basis. Additionally, the company’s revenue surged, reaching Rs 428.78 crore from Rs 39.67 crore in the same period.
