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Business News/ Markets / Ipo/  Rishabh Instruments IPO: Rishabh IPO raises 147 crore from anchor investor; details here
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Rishabh Instruments IPO: Rishabh IPO raises ₹147 crore from anchor investor; details here

Rishabh Instruments IPO raises ₹147 crore from anchor investors; subscription opens on August 30.

Rishabh Instruments IPO opens for subscription on Wednesday, August 30, and closes on Friday, September 1. (rishabh.co.in)Premium
Rishabh Instruments IPO opens for subscription on Wednesday, August 30, and closes on Friday, September 1. (rishabh.co.in)

Rishabh Instruments anchor investors: Rishabh Instruments IPO has raised about 147 crore from anchor investors today. Rishabh Instruments IPO will open for subscription tomorrow (Wednesday, August 30), and will close on Friday, September 1.

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.

"The IPO committee of the company at its meeting held on Tuesday, August 29, 2023 and the selling shareholders, in consultation with book running lead managers to the offer, have finalised allocation of 33,38,656 equity shares to anchor investors at anchor investor allocation price of 441 equity share (including share premium of 431 per equity share)," the company said in an exchange filing today.

Among the investors who took part in the anchor were Tata Mutual Fund, Ashoka India Equity Investment Trust PLC, Nippon India Mutual Fund, Sundaram Mutual Fund, Bandhan Mutual Fund, Quant Mutual Fund, and 3P India Equity Fund 1.

Out of the 33,38,656 equity shares allotted to anchor investors, 25,60,390 equity shares were distributed to 6 domestic mutual funds via a total of 13 schemes for a total of around 113 crore, or 76.69% of the total anchor book size.

Also Read: Aeroflex Industries IPO allotment tomorrow: Latest GMP, here's how to check allotment status

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).

Also Read: Aeroflex IPO receives response worth 24,500 crore. Check GMP, how to check allotment

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 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.

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

Rishabh Instruments IPO GMP today

Rishabh Instruments IPO GMP today or grey market premium is +76 higher than the previous trading sessions. This indicates Rishabh Instruments share price were trading at a premium of 76 in the grey market on Tuesday, 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 517 apiece, which is 17.23% higher than the IPO price of 441.

According to topsharebrokers.com, based on last 5 sessions grey market activities, today IPO GMP points upward and expects a strong listing. The lowest GMP is 0, while the highest GMP is 76.

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

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Published: 29 Aug 2023, 09:24 PM IST
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