Rishabh Instruments IPO subscribed 2.46 times

Published on Aug 31, 2023 17:34

The initial public offer (IPO) of Rishabh Instruments received bids for 1,91,33,738 shares as against 77,90,202 shares on offer, according to stock exchange data at 17:03 IST on Thursday (31 August 2023). The issue was subscribed 2.46 times.

The issue opened for bidding on Wednesday (30 August 2023) and it will close on Friday (1 September 2023). The price band of the IPO is fixed at Rs 418-441 per share. An investor can bid for a minimum of 34 equity shares and in multiples thereof.

The IPO comprises of fresh issue aggregating to Rs 75 crore and an offer for sale of up to 94,28,178 equity shares.

Of the net proceeds from the fresh issue, an amount of Rs 62.88 crore will be used to finance the cost of expansion of Nashik manufacturing facility and balance for general corporate purposes.

Ahead of the IPO, Rishabh Instruments on Tuesday, 29 August 2023 raised Rs 147.23 crore from anchor investors. The board allotted 33.38 lakh shares at Rs 441 each to 16 anchor investors.

Rishabh Instruments is a global energy efficiency solution company focused on electrical automation, metering and measurement, precision engineered products, etc. with diverse applications across industries including power, automotive and industrial sectors.

The company provides certain manufacturing services which include mould design and manufacturing, EMI/EMC testing services, EMS, and software solutions (e.g. MARC). It provides comprehensive solutions to its customers looking for cost-effective ways to measure, control, record, analyse and optimize energy and processes through its array of products.

The company reported a consolidated net profit of Rs 46.82 crore and net sales of Rs 569.54 crore for the twelve months ended on 31 March 2023.