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Nashik head quartered Rishabh Instruments Limited, a global energy efficiency solution company focused on electrical automation, metering and measurement, precision engineered products and aluminium high pressure die castings with diverse applications across industries including power, automotive and industrial sectors, has garnered about Rs 147 crore from anchor investors ahead of its initial public offering that opens for public subscription on Wednesday, August 30, 2023. The company informed the bourses that it allocated 33,38,656 shares at Rs. 441 per share on Tuesday, August 29, 2023, to anchor investors.

Investors who participated in the anchor included HDFC Mutual Fund, Nippon India Mutual Fund, Sundaram Mutual Fund, Bandhan Mutual Fund, Quant Mutual Fund, Tata Mutual Fund, Ashoka India Equity Investment Trust PLC, Aditya Birla Sun Life Insurance Company and 3P India Equity Fund 1.

Out of the total allocation of 33,38,656 equity shares to the anchor investors, 25,60,390 equity shares were allocated to 6 domestic mutual funds through a total of 13 schemes amounting to about Rs 113 crore i.e., 76.69% of the Total Anchor Book Size.

DAM Capital Advisors Limited, Mirae Asset Capital Markets (India) Private Limited and Motilal Oswal Investment Advisors Limited are the book running lead managers to the offer and KFin Technologies Limited is the Registrar to the Offer. The Equity Shares are proposed to be listed on BSE Limited and National Stock Exchange (NSE).

IPO Details

The public issue with a face value of Rs 10 per Equity Share comprises of fresh issuance of equity shares worth Rs 75 crore and an Offer for Sale (OFS) up to 9.43 million equity shares.The Company is proposing to open its initial public offering of Equity Shares (the “Offer”) on Wednesday, August 30, 2023, and closes on Friday, September 1, 2023. The price band for the Offer has been determined at Rs 418 – Rs 441 per equity share.

The IPO will fetch about Rs 491 crore at the upper end of the price band.

Investors can bid for a minimum of 34 equity shares and in multiples of 34 equity shares thereafter.

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Investors and not less than 35% of the Offer shall be available for allocation to Retail Individual Investors.

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