Nashik's Rishabh Instruments Sets Price Range and Timeline for Upcoming IPO

25 Aug 2023 , 12:01 PM

Nashik-based Rishabh Instruments’ public offering has established a price range of Rs 418-441 per share. The IPO, previously announced to be open for subscription from August 30 to September 1, will have its anchor book accessible from August 29. On September 6, the basis of allotment will be finalized, and shares will be credited on September 8. Trading of the company’s stock on exchanges is slated to commence on September 11.

The company aims to secure approximately Rs 75 crore from a combination of a fresh issue and an offer-for-sale (OFS) involving up to 9.43 million shares held by existing shareholders and promoters. At the upper end of this price spectrum, the IPO is positioned to generate Rs 491 crore, thereby valuing the company at Rs 1,600 crore.

The OFS component encompasses up to 1.5 million shares from Asha Narendra Goliya, up to 4 lakh shares from Rhishabh Narendra Goliya, up to 5.18 lakh shares from Narendra Rishabh Goliya HUF, and up to 7.01 million shares from SACEF Holdings II.

The raised capital of Rs 59.50 crore from the offering will be allocated towards expanding the manufacturing facility, reinforcing core capabilities, and enhancing manufacturing capacity, as outlined in the DRHP.

Rishabh Instruments is an integrated entity engaged in the design, development, manufacturing, and supply of electrical automation devices, metering, control and protection equipment, portable test and measuring instruments, as well as solar string inverters. Furthermore, it operates in the domain of aluminum high-pressure die-casting through its subsidiary, Lumel Alucast. With manufacturing facilities located in Nashik, the company boasts a combined annual production capacity of 4.31 million units as of March 2023.

DAM Capital Advisors Ltd, Mirae Asset Capital Markets India, and Motilal Oswal Investment Advisors assume lead managerial roles for this offering.