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The IPO of Rishab Instruments will end today. The issue has been subscribed 2.46 times on the back of interest shown by retail investors and non-institutional investors. The price band for the offer has been set at ₹418–441. Investors can bid for a minimum of 34 equity shares.
Rishabh Instruments IPO’s retail investors portion was subscribed 2.8 times, while the NII portion was subscribed 4.65 times, and QIBs portion received bids 0.22 times.
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.
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The offer is being made through the book building process, wherein not more than 50 per cent of the offer would 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 has garnered about ₹147 crore from anchor investors ahead of its IPO on Tuesday. The company informed the exchanges that it allocated 33,38,656 shares at ₹441 per share to anchor investors.
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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 net proceeds from the offer will be used to finance the cost towards expansion of Nashik Manufacturing Facility I, and meet general corporate purposes.
Nashik head-quartered 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 including power, automotive and industrial sectors.
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