Rajnandini Fashion India is set to launch its IPO on the BSE SME platform, aiming to raise approximately Rs 18.2 crore through a fresh issue of 28.9 lakh shares. The IPO, opening on May 26 and closing on May 29, has a price band of Rs 59-63 per share, with a grey market premium suggesting a potential listing price of Rs 69-70.
The IPO requires retail investors to bid for a minimum of 4,000 shares, translating to an investment of Rs 2.52 lakh at the upper price band. High-net-worth individuals (HNIs) must apply for at least 6,000 shares, amounting to Rs 3.78 lakh. The allotment is expected to be finalized on June 1, with shares scheduled to list on June 3.
Ahead of the IPO, Rajnandini Fashion India secured Rs 5.15 crore from anchor investors on May 25. The company, which operates in the women's apparel segment, focuses on ethnic and casual wear, catering to the growing demand in the organized apparel market.
The proceeds from the IPO will be used primarily for working capital requirements and general corporate purposes. Despite volatile market conditions, investor interest in SME IPOs remains strong.
Seren Capital is the book-running lead manager for the issue, with Bigshare Services as the registrar and Giriraj Stock Broking as the market maker.
Background
Rajnandini Fashion India's IPO comes at a time when the SME sector is witnessing increased investor participation, reflecting confidence in niche market opportunities.
Investors should monitor the listing closely, as the company's focus on women's apparel and its strategic use of IPO proceeds could influence its market performance.
