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Business News/ Markets / Ipo/  Rashi Peripherals IPO: Madhu Kela wife-backed firm sets IPO price band at 295-311; issue to open on February 7
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Rashi Peripherals IPO: Madhu Kela wife-backed firm sets IPO price band at ₹295-311; issue to open on February 7

Rashi Peripherals IPO will remain open till Friday, February 9, and retail investors can bid for a minimum of 48 shares and in multiples of 48 after that. The minimum investment required by retail investors would be ₹14,160.

Rashi Peripherals IPO allotment is likely to be finalised on February 12, while the company will initiate refunds on February 13.Premium
Rashi Peripherals IPO allotment is likely to be finalised on February 12, while the company will initiate refunds on February 13.

Rashi Peripherals IPO: The initial public offering (IPO) of Rashi Peripherals will open for subscription on Wednesday, February 7. The company has fixed the IPO price band at 295 to 311 per equity share.

Rashi Peripherals IPO will remain open till Friday, February 9, and retail investors can bid for a minimum of 48 shares and in multiples of 48 after that. The minimum investment required by retail investors would be 14,160. 

The company plans to raise 600 crore from the public issue, which is entirely a fresh issue of 1.93 crore equity shares of face value of 5 each. There is no offer for sale component in Rashi Peripherals IPO.

Also Read: Fonebox Retail makes stellar debut; shares list with 185% premium at 200 apiece on NSE SME

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.

Rashi Peripherals was incorporated in 1989 and is among the national distribution partners for global technology brands in India for information and communications technology (ICT) products. 

The company differentiates itself by offering end-to-end value-added services such as pre-sale activities, solutions design, technical support, marketing services, credit solutions and warranty management services. As of September 30, 2023, it is a national distribution partner for 52 global technology brands.

It has a pan-India distribution network comprising 50 branches that operate for sales and as service centers and 63 warehouses, covering 680 locations in India, as of September 30, 2023.

The company reported a net profit of 72.02 crore and a revenue of 5,473.72 crore for the period ended in September 30, 2023. Its net profit in FY23 was 123.34 crore, while revenue was 9,468.95 crore.

Also Read: BLS E-Services IPO: Allotment date likely today. Latest GMP, how to check allotment status online

Rashi Peripherals IPO allotment is likely to be finalised on February 12, while the company will initiate refunds on February 13. It will credit the shares to the demat accounts of the eligible allottees on the same day. Rashi Peripherals shares will be listed on both the stock exchanges, BSE and NSE, on February 14.

JM Financial and ICICI Securities are the book running lead managers to the Rashi Peripherals IPO, while Link Intime India is the IPO registrar.

Out of the net proceeds from the fresh issue, the company proposes to utilise 326 crore for prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed it, up to 220 crore for funding working capital requirements and the balance amount from the net proceeds will be utilised for general corporate purposes.

Read all IPO-related news here

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Published: 02 Feb 2024, 02:36 PM IST
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