The initial public offering of information and communications technology products distributor Rashi Peripherals saw a spectacular response from all categories of investors, as the issue was subscribed 59.71 times.

The IPO, which came out with a price band of ₹295-311, received bids for 85.02 crore shares against 1.42 crore shares (net-off anchor portion) on offer.

The entire IPO is a fresh issue of equity 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.

While the quota reserved for QIBs was subscribed 143.66 times, NIIs and retail investors portions were subscribed 62.75 times and 10.44 times, respectively.

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. Ahead of the IPO, the company raised ₹180 crore from anchor investors.