Rishabh Instruments gets SEBI approval for IPO

22 Feb 2023 , 09:19 AM

Rishabh Instruments, an energy efficiency company, has received approval from capital markets regulator SEBI to float initial public offer (IPO) to raise funds. 

As per DRHP, the issue comprises of fresh issue of equity shares of worth Rs 75 crore and an offer for sale (OFS) for up to 94.17 lakh equity shares by its promoter group shareholders and an existing investor.

Under the OFS, Asha Narendra Goliya will offload 25 lakh equity shares, Narendra Rishabh Goliya (HUF) will sell 5.17 lakh shares, Rishabh Narendra Goliya will dispose of 4 lakh shares and SACEF Holdings II will sell 60 lakh equity shares in the company.

The company has filed DRHP in December 2022 with SEBI and has received observation letter on February 17. The Nashik-based Rishabh Instruments will use net proceeds towards financing the expansion of its manufacturing facility in Nashik and for general corporate purposes.

It is one of the leading companies in terms of manufacturing and supply of low voltage current transformers and analog panel meters. For the financial year ended March 2022, the company’s net profit stood at Rs 49.65 crore, whereas its revenue from operations rose to Rs 470.25 crore in FY22, as compared to Rs 389.96 crore in the previous fiscal.

DAM Capital Advisors, Mirae Asset Capital Markets (India) and Motilal Oswal Investment Advisors Ltd are the book-running lead managers to the issue.