PNN
New Delhi [India], February 9: Rudra Gas Enterprise Limited, a leading player in the infrastructure sector, announced the opening of its Initial Public Offering (IPO) on the BSE SME platform on February 8th, 2024 that closes on February 12th, 2024. Founded by esteemed promoters Kush Sureshbhai Patel, Kashyap Sureshbhai Patel, and Manjulaben Sureshbhai Patel in September 2015, the company has emerged as a symbol of excellence and reliability in the industry.
With a collective experience of over 24 years in the infrastructure domain, Rudra Gas Enterprise Limited is actively engaged in various segments, including gas distribution network projects, fiber cable network installations, and renting construction machinery and vehicles. The company's comprehensive solutions cater to the diverse needs of the city gas distribution sector, specializing in pipeline construction, civil works, and operation and maintenance services for pipeline networks, facilitating the transportation of resources such as Compressed Natural Gas (CNG) and Piped Natural Gas (PNG).
Headquartered in Ahmedabad, Rudra Gas Enterprise Limited has established a strong presence across more than 15 states in India, leveraging its nine years of industry experience, successful completion of over 50 projects, and a dedicated team of 512 highly skilled professionals. The company boasts of an impressive client list, including Torrent Gas Ltd., Gujarat Gas Limited, Indraprastha Gas Limited, Rajasthan State Gas Ltd. and other CGD companies.
The IPO, comprising a fresh issue of 2,248,000 Equity Shares with a face value of Rs10 each, will be available at a fixed price of Rs. 63 per share. The Lot Size is set at 2,000 Equity Shares, with a reservation for Market Makers of 116,000 Equity Shares and retail investors of 1,066,000 equity shares. The IPO subscription window opens on February 8th, 2024, and closes on February 12th, 2024.
The funds raised through the IPO will be utilized for working capital requirements and general corporate purposes and to propel the company to its next phase of growth. Rudra Gas Enterprise Limited aims to capitalize on the opportunities ahead and is poised for listing on the BSE SME platform.
The IPO is lead-managed by Beeline Capital Advisors Pvt. Ltd., with Link Intime India Private Limited acting as the registrar to the issue.
Rudra Gas Enterprise Limited has reported a commendable financial performance, with total revenues of Rs. 28.17 crore (FY21), Rs. 43.96 crore (FY22), and Rs. 49.57 crore (FY23). The company's net profit stands at Rs. 1.27 crore (FY21), Rs. 1.79 crore (FY22), and Rs. 3.52 crore (FY23), reflecting its consistent growth trajectory and financial stability.
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