The IPO allotment is expected to be finalised on February 12, with refunds initiated on February 13, 2024.
The initial public offering (IPO) of Rashi Peripherals is open for subscription since Wednesday, February 7, with the company having set the IPO price band at ₹295 to ₹311 per equity share. It will remain open for subscription until Friday, February 9, allowing retail investors to bid for a minimum of 48 shares and multiples thereof. The minimum investment required from retail investors is ₹14,160.
In anticipation of the IPO subscription date, Rashi Peripherals shares have debuted in the grey market, available at a premium of ₹71 per share. As of 2:33 PM on the first day of bidding, the IPO was subscribed 0.58 times overall, with the retail portion booked 0.87 times and the NII segment 0.69 times.
Rashi Peripherals aims to raise ₹600 crore through the public issue, which consists entirely of a fresh issue of 1.93 crore equity shares with a face value of ₹5 each, without any offer for sale component. Prior to the IPO, Madhusudan Kela’s wife, Madhuri Madhusudan Kela, and Volrado Venture Partners Fund-III-BETA invested ₹50 crore and ₹100 crore respectively, being allotted a total of 48.23 lakh equity shares at an issue price of ₹311 each.
The IPO allotment is expected to be finalised on February 12, with refunds initiated on February 13, and shares credited to the demat accounts of eligible allottees on the same day. The shares are set to be listed on both the Bombay Stock Exchange (BSE) and National Stock exchange (NSE) on February 14. JM Financial and ICICI Securities are the book running lead managers, with Link Intime India serving as the IPO registrar.
Founded in 1989, Rashi Peripherals stands as a national distribution partner for 52 global technology brands in India, focusing on information and communications technology (ICT) products. The company is known for its end-to-end value-added services, including pre-sale activities, solutions design, technical support, marketing services, credit solutions, and warranty management services. As of September 30, 2023, it operates a pan-India distribution network with 50 branches and 63 warehouses, covering 680 locations.
For the period ending September 30, 2023, Rashi Peripherals reported a net profit of ₹72.02 crore and revenue of ₹5,473.72 crore, with the previous fiscal year’s (FY23) net profit at ₹123.34 crore and revenue at ₹9,468.95 crore.
