Rishabh Instruments successfully raises Rs 147 Crore from anchor investors ahead of IPO launch

30 Aug 2023 , 07:50 AM

Maharashtra-based Rishabh Instruments has garnered a noteworthy sum of about Rs 147 crore through investments from anchor investors today, setting the stage for its upcoming Initial Public Offering (IPO). The IPO subscription window is set to open tomorrow on Wednesday, August 30, and will remain open until Friday, September 1.

A total of 16 prominent investors participated in the anchor book, including notable names such as HDFC Mutual Fund, Nippon Life, Sundaram Mutual Fund, Bandhan Mutual Fund, Aditya Birla Sun Life Insurance, Quant Mutual Fund, Tata Multicap Fund, and 3P India Equity Fund I.

In a filing to the exchanges, the company disclosed the allocation of 33,38,656 equity shares to the anchor investors at a price of Rs 441 per share. The company noted, ‘Six mutual funds have applied through a total of 13 schemes in the anchor book.’

Rishabh Instruments’ IPO consists of a fresh issue that amounts to Rs 75 crore, along with an Offer for Sale (OFS) portion comprising 9.43 million equity shares at the upper band price. This translates to a total of Rs 415.78 crore for the OFS segment, resulting in an overall issue size of Rs 490.78 crore.

The company, a leader in providing comprehensive solutions for aluminium high-pressure die casting, precision component machining, and finishing, also boasts its status as a global leader in manufacturing and supplying analogue panel meters.

Taking charge as merchant bankers for this IPO are DAM Capital Advisors, Mirae Asset Capital Markets (India), and Motilal Oswal Investment Advisors, ensuring a robust and strategic approach to the offering.