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IPO

B2B trading platform for excess inventory Rockingdeals' SME issue subscribed 142x

Economic Times  

The initial public offering (IPO) of Faridabad-based Rockingdeals Circular Economy was subscribed 142.16 times. The SME board IPO received over 21.35 crore bids against the issue size of 15 lakh shares. The company planned to raise INR 21 crore through fresh issue of shares and would use the proceeds towards funding working capital requirements, building the brand, and for marketing and advertising. Rockingdeals is a B2B (business-to-business) sourcing platform for unboxed, refurbished and excess inventory products across the consumer retail space. For FY23, the company reported a revenue of INR 15.2 crore and a profit of INR 1.54 crore. Corporate Capital Ventures is the book running lead manager to the issue.