Rishabh Instruments IPO: Issue subscribed over 31 times on day 3; QIBs steal the show

Rishabh Instruments IPO subscription status: Rishabh Instruments IPO was subscribed 31.65 times on day 3. Rishabh Instruments IPO opened for subscription on Wednesday, August 30, and will close today (Friday, September 1.)

Rishabh IPO received overwhelming response from Qualified institutional buyers (QIBs) on the final day. Retail investors and non-institutional investors (NIIS) on day 3 also responded positively. All the three portions were fully subscribed on the final day.

Rishabh Instruments IPO's retail investors portion was subscribed 8.44 times, NII portion was subscribed 31.29 times times, and QIBs portion was subscribed 72.54 times. 

Rishabh Instruments IPO subscription status today

Rishabh Instruments IPO has received bids for 24,65,71,162 shares against 77,90,202 shares on offer, according to data from the BSE.

Rishabh IPO's retail investors' portion received bids for 3,28,80,550 shares against 38,95,101 shares on offer for this segment.

Rishabh Instruments IPO's non-institutional investors' portion received bids for 5,22,32,772 shares against 16,69,329 on offer for this segment.

Rishabh IPO's QIBs portion received bids for 16,14,57,840 shares against 22,25,772 on offer for this segment.

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Rishabh Instruments IPO details

Rishabh Instruments IPO is made up of fresh issue that totals to ₹75 crore and offer for sale (OFS) portion aggregates to 9.43 million equity shares on upper band price through the Offer, which translates to ₹415.78 crore. The total issue size comes to ₹490.78 crore.

The net proceeds from the offer will be used to finance the cost towards expansion of Nashik Manufacturing Facility I, and meet general corporate purposes, said the company in its Red herring prospectus (RHP).

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Rishabh Instruments IPO price band has been fixed in the range between ₹418 to ₹441 per equity share of face value of ₹10 each. Rishabh Instruments IPO lot size is 34 equity shares and in multiples of 34 equity shares thereafter.

Rishabh Instruments IPO has raised about ₹147 crore from anchor investors today. The allocation to anchor investors for Rishabh Instruments IPO was scheduled to take place today (Tuesday, August 29). The company reported to the stock exchanges that it had allotted 33,38,656 shares to anchor investors on Tuesday at a price of ₹441 per share.

Rishabh Instruments 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.

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Rishabh Instruments IPO basis of allotment of shares will be finalised on Wednesday, September 6 and the company will initiate refunds on Thursday, September 7, while the shares will be credited to the demat account of allottees on Friday, September 8. Rishabh Instruments IPO shares are likely to be listed on BSE and NSE on Monday, September 11.

DAM Capital Advisors Ltd, Mirae Asset Capital Markets (India) Private Ltd, Motilal Oswal Investment Advisors Ltd are the book running lead managers (BRLM) for the offer. KFin Technologies Ltd is the offer's registrar.

Rishabh Instruments IPO GMP today

Rishabh Instruments IPO GMP today or grey market premium is +42 lower than the previous trading session. This indicates Rishabh Instruments share price were trading at a premium of ₹42 in the grey market on Friday, according to topsharebrokers.com

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Rishabh Instruments share price is ₹483 apiece, which is 9.52% higher than the IPO price of ₹441.

According to topsharebrokers.com, based on last eight sessions grey market activities, today IPO GMP points upward and expects a strong listing. The lowest GMP is ₹0, while the highest GMP is ₹83.

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

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