Rashi Peripherals, the information and communications technology products distributor for global technology brands, has mopped up Rs 180 crore from institutional investors on February 6, a day before the IPO opening.
The Rs 600-crore IPO, which comprises only a fresh issue component, set to open for subscription on February 7. The bidding for the public issue will close on February 9.
Several institutional investors participated in the anchor book launched by the company for a day, including Ashoka India Equity Investment Trust, Whiteoak Capital, ICICI Prudential Mutual Fund, Volrado Venture Partners Fund, and Bandhan Mutual Fund.
Further, Bajaj Allianz Life Insurance, Aditya Birla Sun Life Insurance, SBI General Insurance Company, Singularity Growth Opportunities Fund, and Authum Investment and Infrastructure also invested in the company through an anchor book.
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".... has finalised allocation of 57,87,780 equity shares to anchor investors at a price of Rs 311 per equity share," Rashi Peripherals said in its filing to exchanges.
The company further said out of the total allocation of 57,87,780 equity shares to anchor investors, 19,61,472 equity shares i.e. 33.89 percent of the total anchor book, were allocated to three domestic mutual funds, which have applied through a total of eight schemes.
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Before the filing of IPO papers with the Registrar of Companies, the Mumbai-based company had already raised Rs 150 crore from Volrado Venture Partners Fund-III-BETA and ace investor Madhusudan Kela's wife Madhuri Madhusudan Kela, through private placement, i.e. pre-IPO placement, on January 17 this year.
The actual issue size was Rs 750 crore, which was later reduced to Rs 600 crore, especially after fundraising in a pre-IPO placement.
Promoters have 89.65 percent shareholding in the company, while Volrado and Kela are the only public shareholders in the company with a 10.35 percent stake.
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The Choudhary and Pansari-family promoted company intends to utilise Rs 326 crore of the net fresh issue proceeds for repaying its debts and Rs 220 crore for working capital requirements.
Rashi is among the leading national distribution partners for global technology brands in India for information and communications technology (ICT) products in terms of revenues and distribution network in FY23.
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