Rashi Peripherals IPO subscribed 97% so far on day 2

8 Feb 2024 , 01:27 PM

The Rashi Peripherals IPO opened for subscription on Wednesday, February 07, and is set to close on Friday, February 09. Despite a slow start on the first day, driven mainly by retail and non-institutional investors, the IPO gained momentum and was fully subscribed by the end of the day. Click here to subscribe the IPO.

On the second day, the issue was oversubscribed by 97%, with the retail portion being subscribed 1.06 times, the NII portion at 0.64 times, and the QIB portion receiving 1.06 times subscription.

The price band for the Rashi IPO is fixed at ₹295 to ₹311 per equity share with a face value of ₹5. Anchor investors contributed ₹180 Crores to the IPO on February 06. The lot size for the IPO is 48 equity shares, with multiples of 48 shares thereafter.

The IPO reserves not more than 50% of shares for Qualified Institutional Buyers (QIB), at least 15% for Non-Institutional Investors (NII), and at least 35% for Retail Investors. The total IPO value is ₹600 Crores, comprising a fresh issue of 1.93 crore equity shares with no offer for sale (OFS) component, as per the Red Herring Prospectus (RHP).

The net proceeds from the IPO will be utilized for prepayment or scheduled repayment of existing borrowings, financing working capital needs, and general corporate purposes.