Shares of Rishab Instruments closed flat at ₹442.75 on the BSE on Monday against the IPO price of ₹441. The company shares got listed at a premium of ₹460 and gained further to hit a high of ₹469.65. However, it could not sustain the gains, and hit a low of ₹432.25.

On the NSE, the stock closed at ₹441.50.

Earlier, the IPO was subscribed 31.65 times on the back of interest shown by qualified institutional buyers. The retail investors’ portion was subscribed 8.44 times, while the NII portion was subscribed 31.29 times, and the QIBs portion 72.54 times.

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

Ahead of its IPO, the company raised about ₹147 crore from anchor investors by allotting 33,38,656 shares at ₹441 per share. 

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.

For expansion

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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