Shares of Rockingdeals Circular Economy Ltd hit the upper circuit of 20% today due to robust results.
The IPO had opened 125 percent higher on debut on November 30 after its initial public offering of the SME was subscribed over 213 times.
The stock opened at Rs 300 on the NSE SME platform from its issue price of Rs 140 a share. At 10am, the stock was trading at Rs 315, up 125 percent from its issue price.
The SME IPO, which was open to bids from November 22 to 24, saw overwhelming subscription levels with 201.42 times buying in the retail category, 47.4 times in QIPs, and 459 times in NIIs.
The Rs 21-crore IPO was an entire fresh issue of 15 lakh shares. The company plans to use the net proceeds for working capital needs and brand positioning, marketing, and advertising.
Corporate Capitalventures Pvt Ltd managed the IPO, with Bigshare Services Pvt Ltd as the registrar and Ss Corporate Securities as the market maker for Rockingdeals Circular Economy IPO.
Established in 2005, Rockingdeals specialises in bulk trading of excess and open-boxed inventory, offering services to help companies efficiently dispose of surplus stock. Their seamless and transparent process benefits both sellers and buyers, creating a win-win scenario.
With over 18 categories of Stock Keeping Units (SKU), Rocking Deals deals with electrical appliances (Syska, Havells, LG, etc.), apparel & footwear (Zara, Nike, etc.), speakers (Boat, JBL, Gizmore), mobiles, accessories, and various other products. These items are sourced from e-commerce vendors like Snapdeal (Juscorp), Flipkart, Amazon affiliates, companies like GO Auto, Salora International, Zazz Technology Connect Private Limited, and dealers/distributors like Matrix Housewares, Raj Agency, Sudhi Enterprises, etc.
For FY23, the firm reported a net profit of Rs 1.54 crore against Rs 14.37 lakh a year ago. Revenue for the year stood at Rs 15.18 crore versus Rs 15.33 crore last year.
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