Rockingdeals Circular Economy IPO Draws Attention with Promising Start

Rockingdeals Circular Economy IPO Draws Attention with Promising Start

VoM News Desk | November 22, 2023 | 06:43 PM IST | Breaking News | Follow on Google News

Rockingdeals Circular Economy IPO Draws Attention with Promising Start

Rockingdeals Circular Economy IPO Draws Attention with Promising Start

The IPO for Rockingdeals Circular Economy has opened for subscription on Wednesday, November 22, and will conclude on Friday, November 24. The price band for the IPO is set between ₹136 to ₹140, with investors having the option to bid for a minimum of 1000 shares and in multiples thereafter.

Company Profile and Business Model

Rockingdeals operates in the niche market of wholesale trading of open-box, resale, refurbished, and excess inventory. This business model assists companies in efficiently managing and offloading their excess stock, benefiting both sellers and buyers through a streamlined and transparent process.

IPO Details and Utilization of Proceeds

The Rockingdeals Circular Economy IPO, valued at ₹21 crore, comprises entirely a fresh issue of 15,00,000 equity shares. There is no Offer for Sale (OFS) component. The company intends to utilize the net proceeds for general corporate purposes, marketing, advertising, and meeting working capital requirements.

Promoters and Lead Managers

The company is promoted by Aman Preet, Kulbir Chopra, and Avneet Chopra. The IPO’s book running lead manager is Corporate Capitalventures Pvt Ltd, and Bigshare Services Pvt Ltd is the registrar. Ss Corporate Securities acts as the market maker.

Unique Position in the Re-commerce Segment

Rockingdeals Circular Economy does not have direct listed peers in their specific re-commerce segment, making it a unique player in the Indian market.

Stellar Subscription Response

The IPO has witnessed a strong response, with the subscription status reaching 14.70 times on day 1. Retail investor participation has been particularly high, with their portion being subscribed 23.51 times, while the non-institutional buyers’ portion saw a subscription of 13.35 times. The QIB portion was booked 2%.

Grey Market Premium and Estimated Listing Price

The grey market premium (GMP) for the IPO stands at +55, indicating a potential listing price of ₹195 per share, a 39.29% increase over the IPO price of ₹140.

VoM News Desk

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