Rashi Peripherals and Healthvista India IPOs receives SEBI’s green signal

5 Apr 2023 , 04:04 PM

Mumbai-based Rashi Peripherals and out-of-hospital healthcare provider Healthvista India has received SEBI observation letters on March 31^st to raise funds through initial public offer (IPO) route.

Rashi Peripherals is one of the fastest growing distribution partners for global technology brands in India in terms of revenue growth between Fiscal 2020 and Fiscal 2022, according to a Technopak report mentioned in the DRHP.

The company had filed draft red-herring prospectus (DRHP) in January 2023 and wants to raise Rs 750 crore from fresh issue of equity shares with no offer-for sale component.

The net proceeds from its fresh issue will be utilised for prepayment or scheduled re-payment of all or a portion of certain outstanding borrowings availed by the Company, for funding working capital requirements and general corporate purposes.

Its pan-India distribution network comprises 50 branches that operate for sales and as service centers and 62 warehouses, covering 730 locations in India, as of September 30, 2022.

JM Financial Limited and ICICI Securities Limited are the book running lead managers and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.

Healthvista India

Healthvista India had filed DRHP in July 2022 to raise up to Rs 200 crore from fresh issue of equity shares and an Offer For sale (OFS) of up to 56,252,644 shares by selling shareholders. 

Accel Growth III Holdings (Mauritius) Limited; Accel India III (Mauritius) Limited, Ventureast Life Fund III LLC Limited, MEMG CDC Ventures; Qualcomm Asia Pacific Pte Ltd, Accel India V (Mauritius) and Sabre Partners Trust will offload shares under offer for sale component.

The company will use net proceeds from the fresh issue towards funding working capital requirements of its subsidiary, Medybiz Pharma, payment of debt, purchase of medical equipment, marketing as well as brand building activities, inorganic growth initiatives and general corporate purposes.

SBI Capital Markets, IIFL Capital Services and JM Financial are the book running Lead managers to the issue. The equity shares of the company are proposed to be listed on BSE and NSE.