Rishabh Instruments files draft papers with SEBI to raise funds via IPO
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Rishabh Instruments has filed draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating to up to Rs 75 crore and an offer for sale (OFS) for up to 94.17 lakh equity shares by its promoter group shareholders and an existing investor.
Proceeds from the issue worth Rs 59.50 crore will be utilised towards financing the expansion of its manufacturing facility in Nashik and for general corporate purposes. The equity shares of the company are proposed to be listed on both -- NSE and BSE. DAM Capital Advisors, Mirae Asset Capital Markets (India) and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.
Rishabh Instruments focused on electrical automation, metering and measurement, precision engineered products with diverse applications across industries, including power, automotive and other industrial sectors. It is one of the leading companies in terms of manufacturing and supply of low voltage current transformers and analog panel meters.
