Global energy efficiency solutions company Rishabh Instruments Ltd announced on Friday that it had priced its 491-crore initial public offering (IPO) at a range of 418 to 441 rupees per share.
The first public offering will open for subscription on August 30 and close on September 1, the company announced.
The IPO comprises a new issue of shares with a total value of up to Rs.75 crore and an offer to sell (OFS) for up to 94.3 lakh shares by the promoter group shareholders and an existing investor, as outlined in the Red Herring Draft Prospectus (DRHP ) emerges. .
Asha Narendra Goliya, Narendra Rishabh Goliya (HUF), Rishabh Narendra Goliya and SACEF Holdings II will divest shares in the company in the OFS.
The proceeds from the issue, valued at Rs.59.50 crore, will be used to fund the expansion of its Nashik manufacturing facility and for general corporate purposes.
The company will raise Rs 469.10 crore through its IPO – Rs 490.78 crore at the low and high end of the price range respectively.
Investors can bid for a minimum of 34 shares and thereafter in multiples of 34 shares.
Based in Nashik, the company focuses on electrical automation, measurement and measurement, and precision-engineered products with diverse applications in various industries including power, automotive and other industrial sectors.
It is one of the leading companies in the manufacture and supply of low voltage current transformers and analog panel meters.
Rishabh Instruments operating revenue increased to Rs.569.54 crore in the 2023 financial year from Rs.470.25 crore in the previous year. Profit after tax was Rs.49.69 crore in FY2023 compared to Rs.49.65 crore in FY2022.
DAM Capital Advisors, Mirae Asset Capital Markets (India) and Motilal Oswal Investment Advisors Ltd are the lead bookers of the offering. The company’s shares are listed on the BSE and NSE.
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