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Nashik-based Rishabh Instruments IPO sails through on day 2

31 Aug 2023 , 12:35 PM

Rishabh Instruments, a global company specializing in energy efficiency solutions, has witnessed a favorable reception for its inaugural public offering on August 30, the opening day of the bidding process. The initial offering has drawn bids for 56.75 lakh equity shares out of the IPO size of 77.9 lakh shares, marking 73% of the total offer size within the first day. To subscribe to the IPO, you can click here.

As the second day unfolded, retail investors and high net worth individuals actively participated, collectively subscribing to 1.75 times the available shares and 2.20 times the allotted portions, respectively. Meanwhile, qualified institutional buyers (QIBs) have bid for 1% of the reserved portion by 12:30 PM.

Notably, half of the offering size is reserved for QIBs, with 15% allocated to high net worth individuals (non-institutional investors) and the remaining 35% designated for retail investors.

The IPO includes a fresh issuance of shares valued at Rs 75 crore and an offer-for-sale (OFS) of Rs 415.78 crore by promoters and investors. Rishabh Instruments, based in Nashik, Maharashtra, is seeking to raise Rs 490.78 crore through this public offering, targeting the upper end of the price band ranging from Rs 418 to Rs 441 per share.

With two manufacturing facilities in Nashik, Maharashtra, the company is focused on expanding its existing Nashik manufacturing facility using the proceeds from the fresh issue.

Rishabh Instruments IPO

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