Rajesh Power Services Makes a Stellar Debut: 59x Subscription Leads to 90% Premium Listing

Rajesh Power Services made a strong stock market debut on December 2, with shares listing at ₹636.50 on the BSE SME platform, a 90% premium over its issue price of ₹335 per share. The Gujarat-based company’s ₹160-crore maiden public offering, priced between ₹319 and ₹335 per share, had garnered significant investor interest, with a subscription rate of 59 times by the close on November 27.

Prior to the listing, the company’s shares were trading at a grey market premium of nearly 47%, reflecting robust demand among investors.

Rajesh Power Services Limited (Formerly known as Rajesh Power Services Private Limited) is amongst the largest players in the country firmly established in the underground power transmission and infrastructure EPC space. Rajesh Power Services leverages its strengthened expertise in high-voltage (HV) and extra-high-voltage (EHV) transmission and distribution systems to deliver comprehensive solutions. The company currently offers turnkey project execution and consultancy services for both renewable and non-renewable energy projects, catering to state transmission and distribution companies, private utilities, and industrial clients.

The company has an order book worth ₹2,358.2 crore as of March 2024, to be executed over the next three financial years. A peer comparison positions Rajesh Power Services’ IPO alongside notable competitors such as Advait Infratech Limited, Kaycee Energy and Infra Limited, and Viviana Power Tech Limited.

Rajesh Power’s strong financial performance and strategic investments position it as a key player in the power utility sector.