SEBI aids over-subscription of RPP IPO

The Securities and Exchange Board of India’s (SEBI) decision to increase retail investor limit in IPOs and FPOs to Rs two lakh from earlier Rs one lakh had a positive impact on the ongoing RPP Infra Projects Ltd IPO.

RPP Infra Projects Ltd has become the first beneficiary of this SEBI relaxation and the retail segment of its IPO,which has already been over-subscribed with bids totalling 22.81 lakh equity shares so far against 21.25 lakh equity shares allocated for this segment,the company said on NSE India’s website.

The total 65 lakh equity IPO share is in the price band of Rs 68 to Rs 75,and closes on November 22. The company proposes to deploy the net proceeds of the issue for investment in SPVs for BOT projects,investment in capital equipment,funding margin requirement for working capital and meeting general corporate expenses.