Among the current IPOs that are opened, Rashi Peripherals has seen higher interest from investors. The IPO which closes today was subscribed 3.19 times.

The initial public offering of Information and communications technology products distributor Rashi Peripherals was subscribed on Day 1 itself, as non-institutional investors (known as HNIs) and retail investors covered their portions fully. The IPO comes out with a price band of ₹295-311 and the market lot is 48 shares.

The IPO is completely a fresh issue of equity shares to the tune of ₹600 crore. Of the IPO proceeds, ₹326 crore will be used for payment of debt and ₹220 crore for working capital requirements and general corporate purposes.

As against 1.42 crore shares (net of anchor portion), the IPO received bids for 4.54 crore shares.

While 50 per cent of the issue is reserved for qualified institutional buyers, 15 per cent reserved for non-institutional bidders and the balance 35 per cent for retail investors.

While quota reserved for QIBs was subscribed 0.78 times, portions for NIIs and retail investors were subscribed 5.88 times and 3.46 times respectively.

Ropes in Madhu Kela, Volrado Venture

Last month, Rashi Peripherals raised ₹150 crore from institutional investors in a pre-IPO funding round from ace investor Madhu Kela and Volrado Venture Partners.

On Tuesday, as part of the IPO process, it mobilised ₹180 crore from anchor investors. The company has allotted 57.88 lakh shares to 18 funds at ₹311 a piece. Foreign and domestic institutions who participated in the anchor bidding were White Oak Capital, Ashoka India, ICICI Prudential Mutual Fund, Volrado Venture Partners Fund and Bajaj Alliance Life Insurance Company.

Aditya Birla Sun Life Insurance Company, SBI General Insurance Company, Singularity Growth Opportunity Fund and Authum Investment and Infrastructure Ltd also participated in the bidding round.

Out of the total allocation of 57.88 lakh equity shares, 19.61 lakh equity shares were allocated to three domestic mutual funds through a total of 8 schemes amounting to ₹61 crore.

JM Financial and ICICI Securities are the book-running lead managers to the offer. The equity shares are proposed to be listed on BSE and NSE.

Rashi Peripherals is among the leading national distribution partners for global technology brands in India for information and communications technology products in terms of revenues and distribution network in Fiscal 2023. The company is also one of the fastest growing national distribution partners for global technology brands in India in terms of revenue growth between Fiscal 2021 and Fiscal 2023.

Rashi Peripherals has commenced operations with manufacturing of peripherals. With the liberalisation of the Indian IT sector in 1991, it transitioned to distribution of ICT products of global technology brands in India. The company has been instrumental in facilitating the entry of a number of global technology brands and were among the select players that led the formalisation of the fragmented and unorganised ICT products distribution in India.