© Reuters.
Rajgor Castor Derivatives’ Small and Medium Enterprises (SME) Initial Public Offering (IPO), priced between Rs 47-50, opened for subscription on Tuesday and was subscribed 1.36 times. The company is promoted by Brijeshkumar Vasantlal Rajgor, Vasantkumar S Rajgor, and Maheshkumar S Rajgor.
The promoters aim to raise Rs 47.81 crore through the IPO, which will result in their stake in the company reducing to 40.71% and 19.31%, respectively post-IPO. This fundraising effort follows the pre-IPO round where the company raised Rs 13.56 crore from seven anchor investors, including NAV Capital VCC – NAV Capital Emerging Star Fund.
The funds raised from the IPO will be allocated for working capital and corporate purposes, with Beeline Capital Advisors, Link Intime India, and Spread X Securities managing the proceedings.
Rajgor Castor Derivatives operates in the Business-to-Business (B2B) sector with a focus on castor oil manufacturing, high-protein oil cake production, and agro-commodity trading. The company reported a net profit of Rs 5.54 crore in the fiscal year 2023.
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