Rishabh Instruments' Rs 491 Crore IPO Commences Subscription; Check Live Status

30 Aug 2023 , 12:04 PM

Rishabh Instruments’ eagerly awaited initial public offering (IPO) of Rs 491 crore has officially kicked off on August 30. The company has set the price range for its shares at Rs 418 to Rs 441 each, with a lot size of 34 equity shares and multiples thereof. Interested investors can find more information and participate in the IPO by clicking the provided link.

In the first two hours since the opening of the issue, the IPO garnered bids for 17,85,374 shares out of the total 77,90,202 shares available for subscription. Notably, the retail portion has exhibited strong interest, achieving a subscription rate of 36%. Meanwhile, bids from non-institutional investors were seen for 23% of the reserved portion. However, the Qualified Institutional Buyer (QIB) category has yet to witness any subscription.

The IPO encompasses a combination of a fresh issuance of equity shares valued at Rs 75 crore, alongside an offer-for-sale (OFS) featuring up to 94.28 lakh equity shares.

Within the OFS component, the promoters — Asha Narendra Goliya, Rishabh Narendra Goliya, and Narendra Rishabh Goliya (HUF) — will be divesting 24.17 lakh shares. In addition, investor SACEF Holdings II intends to offload its entire shareholding of 70.10 lakh shares, constituting a 19.33% stake, through the OFS route.

To ensure a balanced distribution, the IPO allocation has earmarked 50% of the issue size for qualified institutional buyers, 15% for high net-worth individuals, and the remaining 35% for retail investors.