Rashi Peripherals Locks in ₹180 Crore from Anchors Ahead of IPO Launch

6 Feb 2024 , 09:32 PM

Rashi Peripherals, a prominent distributor of information and communications technology (ICT) products for global technology brands, successfully secured ₹180 Crore from institutional investors on February 6, a day before the commencement of its initial public offering (IPO).

The IPO, valued at ₹600 Crore and consisting solely of a fresh issue component, is scheduled to open for subscription on February 7, with bidding closing on February 9.

Numerous institutional investors participated in the anchor book initiated by Rashi Peripherals for a single day, including Ashoka India Equity Investment Trust, Whiteoak Capital, ICICI Prudential Mutual Fund, Volrado Venture Partners Fund, and Bandhan Mutual Fund.

Additionally, Bajaj Allianz Life Insurance, Aditya Birla Sun Life Insurance, SBI General Insurance Company, Singularity Growth Opportunities Fund, and Authum Investment and Infrastructure also contributed to the company through the anchor book.

Rashi Peripherals confirmed the final allocation of 57,87,780 equity shares to anchor investors at a price of ₹311 per share, as disclosed in its filing to the exchanges. Furthermore, out of the total allocation, 19,61,472 equity shares, accounting for 33.89% of the anchor book, were assigned to three domestic mutual funds, which applied through eight schemes.

Prior to filing IPO papers with the Registrar of Companies, the Mumbai-based company had already raised ₹150 Crore through private placement, or pre-IPO placement, on January 17, from Volrado Venture Partners Fund-III-BETA and Madhuri Madhusudan Kela, spouse of esteemed investor Madhusudan Kela.

Initially targeting an issue size of ₹750 Crore, the company later revised it to ₹600 Crore, following successful fundraising in the pre-IPO placement phase.

Presently, promoters hold a significant 89.65% shareholding in the company, while Volrado and Kela are the only public shareholders, collectively owning a 10.35% stake.

Rashi Peripherals plans to allocate ₹326 Crore of the net proceeds from the fresh issue towards debt repayment and ₹220 Crore for fulfilling working capital requirements.

Recognized as one of the leading national distribution partners for global technology brands in India, particularly in terms of revenues and distribution network in FY23, Rashi Peripherals is poised for further growth and expansion within the ICT sector.