Rashi Peripherals IPO | Madhu Kela's wife, Volrado Venture invest Rs 150 cr before RHP

Rashi Peripherals raises Rs 150 crore ahead of IPO launch

Volrado Venture Partners Fund and Madhuri Madhusudan Kela have picked up Rs 150 crore of shares in Rashi Peripherals, ahead of the company filing its red-herring prospectus (RHP) to go public.

According to a notice sent out to investors, Volrado Venture Partners Fund-III-Beta were allocated 32,15,434 equity shares of the information and communications technology (ICT) products distributor on January 17 at a price of Rs 311 each and valued at Rs 100 crore.

Then Madhuri Madhusudan Kela, the wife of ace investor Madhusudan Kela, acquired 16,07,717 equity shares worth Rs 50 crore at the same price.

"After approval from shareholders and the board, and the share subscription agreements dated January 17, 2024 entered into by the company with Volrado Venture Partners Fund and Madhuri Madhusudan Kela, the company has undertaken a pre-IPO placement of 48,23,151 equity shares worth Rs 150 crore," Rashi Peripherals said.

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In the preliminary papers filing, the company had said it was considering a pre-IPO placement of shares worth Rs 150 crore, before the filing of red herring prospectus (RHP) with the Registrar of Companies (RoC).

The Mumbai-based value-added national distribution partner for global technology brands in India for ICT products has filed the draft papers with the Sebi in January 2023 for raising funds from public.

The IPO comprises only a fresh issue of Rs 750 crore by the company, for which it received approval from the market regulator in April 2023.

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Choudhary, and Pansari family-promoted Rashi Peripherals will utilise Rs 400 crore of the net fresh issue proceeds for repaying debts and Rs 200 crore for working capital requirements. And the remaining funds will be set aside for general corporate purposes.

JM Financial and ICICI Securities are the book running lead managers to the issue.