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Rockingdeals IPO opens today, Anchor Book fully subscribed

Posted On: 2023-11-22 10:58:34 (Time Zone: IST)

Rockingdeals Circular Economy Limited (RDCEL), India's dedicated B2B sourcing platform for unboxed, certified refurbished, excess inventory products across the consumer retail space, has successfully completed its Anchor book subscription, raising Rs. 5.88 crore from the sale of 4.2 lakh equity shares at Rs. 140 each. A clutch of marquee investors, including Varsu India Growth Story Scheme I (Persistent Growth Fund), Astorne Capital VCC Arven, Nova Global Opportunities Fund PCC-Touchstone and Next Orbit Ventures Fund subscribed to the anchor book. Xmultiplied Capital Advisors also participated in the Anchor book subscription.

While Varsu India Growth Story Scheme I (Persistent Growth Fund) and Astorne Capital VCC Arven each contributed 32.86% of the total anchor book subscription, the remaining 34.28% was equally shared by Nova Global Opportunities Fund PCC-Touchstone and Next Orbit Ventures Fund.

The IPO of the Faridabad-based company begins today, November 22nd, and will end on Friday, November 24th, 2023. Rockingdeals is looking to raise around Rs. 21 crores (on the upper price band) from the offering and plans to utilise funds for working capital requirements, brand positioning, marketing and advertising, and general corporate purposes. The company aims to be listed with NSE Emerge.

The price band of the issue is Rs. 136-140 per equity share with a face value of Rs. 10 apiece. The company's IPO comprises a fresh issue of 15 lakh Equity Shares (Face Value Rs. 10/-) through the book-building route.

The company has allotted 7 lakh shares for Anchor investors and Qualified Institutional Buyers and 2.15 lakh shares for HNIs out of the overall issue size of 15 lakh shares. It has set aside 5 lakh shares for allotment to retail investors. The lot size is 1,000 shares. The company has appointed Corporate Capital Ventures Private Limited as the Issue's Book Running Lead Manager.

RDCEL is among India's largest organised players in the B2B sourcing space - specialising in unboxed, excess inventory, and refurbished products. The company sources products across 18 stock-keeping units (SKUs), including electrical appliances, apparel & footwear, speakers, mobile and mobile accessories. The company has partnered with marquee brands and platforms, including Puma, Hindware, Godrej, Sanjeev Kapoor, Whirlpool, Salora, gizmore, BPL and Kelvinator, JBL, Khaitan, Inalsa, Acer, Redtape, Flipkart, ShopClues, Amazfit, Bajaj, Zara, Marshall, Dyson, etc. etc. Besides, the company has affiliates of Snapdeal, Flipkart and Amazon for sourcing surplus inventory and open-box products. RDCEL has also partnered with companies like GO Auto Salora International and dealers & distributors like Matrix Housewares, Raj Agency, Sudhi Enterprises, etc. RDCEL also procures the products in bulk from various dealers of Inalsa and supplies these products in bulk to clients such as Shopclues, Jindal Mega Mart, Brand Wala, VLE Bazaar, HIC International, PSUAVI, KRAT India, Zazz Technology, and Rockingdeals Group companies.

RDCEL operates a 30,000 Sq. Ft. warehousing facility in Faridabad and an L4 service centre with an installed capacity to QC & Grading one million units each month.

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