Stock broker Rikhav Securities will launch its Rs 89-crore initial share sale for public subscription on January 15, with price band of Rs 82-86 per share. The issue will close on January 17, while the anchor book of the IPO will be opened for institutional investors for a day on January 14.
The IPO consists of fresh issue of 83.28 lakh shares worth Rs 71.62 crore, and an offer-for-sale of 20 lakh shares worth Rs 17.2 crore by public shareholders.
Established in 1995, Mumbai-based Rikhav Securities, which demands valuation of Rs 329 crore, is a SEBI registered stock broker and holds memberships with BSE, National Stock Exchange of India (NSE), and the Multi Commodity Exchange (MCX).
The company intends to utilise fresh issue money for its working capital requirements, and purchase of IT software, computers and laptops.
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Half of the book-built issue will be reserved for qualified institutional buyers, 15 percent for non-institutional investors, and the remainder 35 percent for retail investors.
The company will finalise IPO share allotment by January 20, while the trading in Rikhav Securities shares will commence on the BSE SME effective January 22.
The book running lead manager handling the public issue is Smart Horizon Capital Advisors.
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