Rockingdeals Circular Economy IPO aims to raise ₹21 crore on NSE Emerge

Rockingdeals Circular Economy Limited (RDCEL), a company specializing in the circular economy and headquartered in Faridabad, India, has launched its initial public offering (IPO) today with the objective of raising approximately ₹21 crores. This move comes after successfully closing its Anchor book subscription on Tuesday, with prominent investors like Varsu India Growth Story Scheme I and Astorne Capital contributing a total of ₹5.88 crores.

Corporate Capital Ventures is spearheading the IPO as the Book Running Lead Manager, with shares offered within the price band of ₹136-140. Each share has a face value of ₹10, and retail investors have the option to purchase in lot sizes of 1,000 shares, amounting to an investment of ₹1,40,000.

RDCEL’s strategic approach includes maintaining key partnerships for inventory sourcing across various sectors and operating extensive warehousing facilities. The company also manages an L4 service center that is capable of quality controlling and grading one million units monthly.

The firm’s plans for the funds from the IPO include covering operational costs and implementing marketing strategies to further its growth. RDCEL, part of the Rockingdeals Group which encompasses a retail branch, reported a solid financial performance with ₹15.01 crores (INR10 crore = approx. USD1.2 million) in revenue for FY23 and continued strength in Q1FY24. The group operates a significant warehouse in Faridabad and an L4 service center that processes a substantial volume across multiple categories from major brands such as Amazon (NASDAQ:AMZN) and Flipkart.

The public offering is set to end on Thursday, November 24, marking a pivotal moment for RDCEL as it seeks to expand its footprint on the NSE Emerge platform.