The Rishab Instruments IPO was subscribed 73 per cent at the end of Day 1 on Wednesday. The price band for the offer has been set at ₹418–441. Investors can bid for a minimum of 34 equity shares. The issue will close on Friday.

The retail investors portion was subscribed 92 per cent, NII portion 1.24 times, and the QIB portion was subscribed 1 per cent.

The public issue with a face value of ₹10 per share, comprises a fresh issue of ₹75 crore and an offer-for-sale (OFS) up to 94.3 lakh shares. 

The offer is being made through the book-building process, wherein not more than 50 per cent of the offer will be available for allocation to qualified institutional buyers (QIBs), not less than 15 per cent of for non-institutional investors and not less than 35 per cent for retail individual investors.

Anchor investors

Rishabh Instruments garnered about ₹147 crore from anchor investors ahead of the IPO, on Tuesday. The company informed the exchanges that it had allocated 33,38,656 shares at ₹441 per share to anchor investors. 

HDFC Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, Bandhan Mutual Fund, Quant Mutual Fund, Tata Mutual Fund, Ashoka India Equity Investment Trust PLC, Aditya Birla Sun Life Insurance Company and 3P India Equity Fund 1 were some of the anchor investors who would receive shares.

Utility of funds

The proceeds from the offer will be used to finance the cost towards expansion of Nashik Manufacturing Facility I, and to meet general corporate purposes.

Nashik headquartered Rishabh Instruments is a global energy efficiency solution company focused on electrical automation, metering and measurement, precision engineered products and aluminium high-pressure die castings, with diverse applications across industries such as power, automotive and the industrial sectors.

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