Rishabh Instruments IPO: Rishabh IPO opens tomorrow; here are 10 things to know

Rishabh Instruments IPO opens for subscription on Wednesday, August 30. Rishabh Instruments Limited is a global provider of energy efficiency solutions with its headquarters in Nashik, Maharashtra. It specialises in electrical automation, metering and measurement, precision engineered products, and aluminium high pressure die castings with a range of applications in the power, automotive, and industrial sectors. 

Narendra Joharimal Goliya is the promoter of the company.

According to Red Herring Prospectus (RHP), Rishabh Instruments’ revenue from operations increased by 21.11% from ₹470.25 crore in Fiscal 2022 to ₹569.54 crore in Fiscal 2023, primarily driven by increase in revenue from sale of goods and from sale of services, whereas profit grew to ₹49.69 crore in Fiscal 2023, as compared to ₹49.65 crore in Fiscal 2022.

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There are no comparable listed firms in India or overseas that conduct business in a manner similar to that of the company, according to the RHP of the company.

Rishabh Instruments IPO floor price is 41.8 times the face value of the equity shares and the cap price is 44.1 times the face value of the equity share.

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Here are the 10 key things to know about Rishabh Instruments IPO:

Rishabh Instruments IPO date: Rishabh Instruments IPO opens for subscription on Wednesday, August 30, and closes on Friday, September 1.

Rishabh Instruments IPO price band: 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: Rishabh Instruments IPO lot size is 34 equity shares and in multiples of 34 equity shares thereafter.

Anchor Investors: The allocation to anchor investors for Rishabh Instruments IPO is scheduled to take place on Tuesday, August 29.

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.

Rishabh Instruments IPO objectives: 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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Allotment and Listing of Rishabh Instruments IPO: 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.

Lead Manager and Registrar of Rishabh Instruments IPO: 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 reservation: 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.

Rishabh Instruments IPO GMP: Rishabh Instruments IPO GMP or grey market premium on Monday was +30 higher than the previous trading sessions. This indicates Rishabh Instruments share price were trading at a premium of ₹30 in the grey market on Monday, 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 ₹471 apiece, which is 6.80% higher than the IPO price of ₹441.

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

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