Rashi Peripherals IPO: Issue oversubscribed on day 3 led by NIIs, retail investors; check GMP

Rashi Peripherals IPO Subscription Status: As of the third day of the Rashi IPO, non-institutional investors ((NII) seem to be in the lead. Rashi Peripherals IPO subscription status is 59.71 times, as per BSE data. NII portion has been subscribed 62.75 time, followed by retail investors booked 10.44 times. Qualified Institutional Buyers (QIB) portion has been booked 143.66 times.

Rashi Peripherals IPO seemed to sail through its second day quite smoothly. Rashi IPO subscription status was 3.19 times. Rashi Peripherals IPO's retail investors portion was subscribed to 3.46 times, NII portion was subscribed to 5.88 times, and QIB portion was booked 72%.

Also Read: Rashi Peripherals IPO last day: Check latest GMP, subscription status, review, key dates, more. Apply or not?

Despite a sluggish and steady start to the Rashi Peripherals IPO on the first day, retail and non-institutional investors ultimately drove the issue. Rashi Peripherals IPO was fully booked at the end of day 1. Rashi IPO subscription status was 1.09 times, as per BSE data.

On day 1, Rashi Peripherals IPO's retail investors portion has been subscribed to 1.36 times, Non Institutional Investors (NII) portion is subscribed to 1.87 times, and Qualified Institutional Buyers (QIB) portion is booked 1%.

Rashi Peripherals IPO opened for subscription on Wednesday, February 07, and will close on Friday, February 09. Rashi IPO price band has been fixed in the range of ₹295 to ₹311 per equity share of face value of ₹5. Rashi Peripherals IPO garnered ₹180 crores from anchor investors on Tuesday, February 06. Rashi Peripherals IPO lot size is 48 equity shares and in multiples of 48 equity shares thereafter.

Also Read: Rashi Peripherals IPO, Jana SFB IPO, Capital SFB IPO last day of subscription today: Which ones should you choose?

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Rashi Peripherals IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.

Rashi Peripherals IPO Subscription Status

Rashi Peripherals IPO has received bids for 85,01,65,296 shares against 1,42,37,289 shares on offer, according to data from the BSE.

Rashi IPO retail investors' portion received bids for 7,43,30,400 shares against 71,18,645 shares on offer for this segment.

Rashi Peripherals IPO's non-institutional investors' portion received bids for 19,14,44,160 shares against 30,50,848 on offer for this segment.

Rashi IPO's QIBs portion have received 58,43,90,736 bids against 40,67,796 shares on offer for this segment.

Also Read: Rashi Peripherals IPO Day 2: GMP rises, check review, key dates, more. Should you subscribe?

Rashi Peripherals IPO details

Rashi Peripherals IPO, which is worth ₹600 crore, is completely a fresh issue of 1.93 crore equity share; there is no offer for sale (OFS) component, according to Red Herring Prospectus (RHP).

In its pre-IPO placement, ace investor Madhusudan Kela’s wife Madhuri Madhusudan Kela invested ₹50 crore and Volrado Venture Partners Fund-III-BETA invested ₹100 crore. The investors were allotted a total of 48.23 lakh equity shares at an issue price of ₹311 apiece.

The company intends to use the net proceeds of the offer to finance the following goals: prepayment or scheduled repayment of all or a portion of the company's existing borrowings; financing the company's working capital needs as well as general corporate purposes.

The registrar for the Rashi Peripherals IPO is Link Intime India Private Ltd, while the book running lead managers are JM Financial Limited and ICICI Securities Limited.

Also Read: Rashi Peripherals IPO: Issue fully booked on day 1, retail portion subscribed 1.36 times; check GMP

Rashi Peripherals IPO GMP today

Rashi IPO GMP or grey market premium is +75. This indicates Rashi Peripherals share price were trading at a premium of ₹75 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Rashi Peripherals share price was indicated at ₹386 apiece, which is 24.12% higher than the IPO price of ₹311.

Based on last 14 sessions grey market activities, today IPO GMP trending upward and expects a strong listing. The lowest GMP is ₹0, while the highest GMP is ₹85, as per investorgain.com analysts. 

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Rashi Peripherals IPO sails smoothly on the second day of bidding, issue booked 3.19x; GMP rises

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.