The IPO of Rikhav Securities received strong investor interest, with subscriptions reaching 7.87 times on the first day of bidding, January 15. The offer will remain open until January 17.
The Mumbai-based stockbroker aims to raise Rs 88.82 crore through the IPO, priced at Rs 82-86 per share. The issue includes a fresh share sale worth Rs 71.62 crore (83.28 lakh shares) and an offer-for-sale of Rs 17.2 crore (20 lakh shares) by public shareholders.
On the opening day, investors bid for 5.82 crore shares against the 74.08 lakh shares on offer, as per BSE data. Retail investors led the demand, subscribing 13.66 times their reserved portion, while non-institutional investors subscribed 5.59 times. However, qualified institutional buyers (QIBs) did not place any bids.
Ahead of the IPO launch, on January 14, Rikhav Securities raised ₹25.11 crore by allotting 29.2 lakh shares to 15 institutional investors through its anchor book. Key investors include India Equity Fund, TGISME Fund, Nova Global Opportunities Fund, and others.
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The fresh issue funds will be utilised for its incremental working capital requirements, purchase of IT software, computers and laptops, and general corporate purposes.
Rikhav Securities valued at around Rs 329 crore at the upper price band competes with listed entities like Angel One, Alacrity Securities, Share India Securities, and Pune E – Stock Broking.
Smart Horizon Capital Advisors is acting as the merchant banker for Rikhav Securities IPO.
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