Rashi Peripherals IPO opens for subscription; Check live details here

7 Feb 2024 , 11:41 AM

The much-anticipated initial public offering (IPO) of Rashi Peripherals has commenced today, offering its shares within a price band of ₹295-311 per share. Interested investors can apply for a minimum of 48 shares, with subsequent multiples. To subscribe to the IPO, click here.

As of 11:35 AM on the first day of subscription, the IPO has already achieved a subscription rate of 24%. Notably, the retail portion of the IPO has witnessed a subscription rate of 39%, while the Non-Institutional Investor (NII) portion has reached a subscription rate of 24%.

Rashi Peripherals aims to raise a total of ₹600 crore through this IPO, which solely comprises a fresh share sale. Prior to the IPO launch, the company engaged in a pre-IPO placement, raising ₹150 Crore in collaboration with the Book Running Lead Managers (BRLMs) of the issue. In this placement, Rashi Peripherals allocated a total of 48,23,151 equity shares at a price of ₹311 per share to Volrado Venture Partners Fund III and Madhuri Madusudan Kela.

Moreover, the company has successfully secured ₹180 Crore through anchor allotment.

The net proceeds from the IPO will be utilized for several purposes, including prepayment or scheduled repayment of outstanding borrowings, funding working capital requirements, and general corporate purposes.

JM Financial and ICICI Securities serve as the book running lead managers for the Rashi Peripherals IPO, with Link Intime India acting as the registrar for the issue.