Rishabh Instruments Ltd. started its IPO on August 30th.
The IPO was 73% subscribed on the first day of subscription, led by demand from non-institutional investors who subscribed 1.24 times, followed by retail investors with 0.92 times or 92%, while institutional investors subscribed 0.01 times or 1 % drew.
The energy efficiency solutions provider plans to raise Rs. 490.8 crore via a new issue and tender offer.
The new issue will consist of 17 lakh shares with a total value of Rs.75 crore and the OFS will consist of 94,28,178 shares with a total value of Rs.415.8 crore. The price range is between 418 and 441 rupees per share.
Of the total IPO size, 50% is reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 35% is to be allocated to retail investors. The company has reserved up to 20,000 shares for subscription by eligible employees as part of the IPO.
Rishabh Instruments raised Rs.147.2 crore from anchor investors ahead of its IPO on Aug. 30.
The company allotted nearly 33.4 lakh shares at Rs.441 a share to a total of 16 anchor investors. Investors include HDFC Mutual Fund, Nippon Life, Sundaram Mutual Fund, Bandhan Mutual Fund, Aditya Birla Sun Life Insurance, Quant Mutual Fund, Tata Multicap Fund, Ashoka India Equity Investment Trust and 3P India Equity Fund.
Headquartered in Nashik, Maharashtra, Rishabh Instruments is a global provider of energy efficiency solutions. The Company, through its subsidiary Lumel Alucast, focuses on electrical automation, measurement and measurement, precision machined items and high pressure aluminum die castings. These products find a wide range of applications in the energy, automotive and industrial sectors.
The company primarily follows a business-to-business model, based on order for all segments except for portable test and measurement equipment, which is also sold on a dealer basis.
The funds raised will be used for the following purposes:
The IPO was drawn 1.34 times as of 12:24 p.m. Thursday.
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Institutional Investors: 0.01x or 1%.
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Non-Institutional Investors: 2.18x.
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Retail Investors: 1.73x.
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