The IPO of Rashi Peripherals was fully subscribed on February 7, the first day of its bidding, backed by retail investors and high networth (HNI) individuals.
The Rs 600-crore public issue was subscribed 1.09 times with bids coming in for 1.54 crore equity shares against IPO size of 1.42 crore equity shares.
Non-institutional investors (high networth individuals) and retail investors were the leaders for making the IPO fully subscribed on the debut, buying 1.87 times and 1.36 times the allotted quotas, while qualified institutional buyers picked one percent shares of the portion set aside for them.
Rashi, one of the leading information and communication technology products distributers, aims to raise Rs 600 crore through the IPO which comprises only a fresh issue component.
The company already mobilised Rs 180 crore through its anchor book launched for a day on February 6 at the upper price band. ICICI Prudential Mutual Fund, Volrado Venture Partners Fund, Ashoka India Equity Investment Trust, Whiteoak Capital, Aditya Birla Sun Life Insurance, SBI General Insurance Company, and Singularity Growth Opportunities Fund were some of investors participated in the anchor book.
Also read: Rashi Peripherals IPO: Should you subscribe to the Rs 600-crore issue?
The price band for the offer, which closes on February 9, is Rs 295-311 per share.
Mumbai-based Rashi Peripherals is going to spend Rs 326 crore of the fresh issue proceeds for repaying its debts and further Rs 220 crore for working capital requirements. The balance amount will be used for general corporate purposes and issue expenses.
Also read: Hyundai Motor says no decision on India IPO yet, expect further information in a month
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