IT Solutions major, Rashi Peripherals raised Rs 150 crore in Pre-IPO round
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Rashi Peripherals, an information and communications technology products distributor, has completed its pre-IPO (Initial Public Offering) placement of Rs. 150 cr.
As per a media advertisement in Financial Express, on January 19, 2024, the company, in consultation with the lead bankers had undertaken a further issue of specified securities, for cash consideration of 4.81 million shares at an issue price of Rs 311 per equity share (including a premium of Rs 306 per equity share) saw participation from institutional investors, including Volrado Venture Partners Fund and Madhuri Madhusudan Kela.
Volrado Venture Partners Fund-III-Beta was allocated 32,15,434 equity shares of the Company on January 17 for Rs 311 each and valued at Rs 100 crore. Madhuri Madhusudan Kela, the wife of ace investor Madhusudan Kela, acquired 16,07,717 equity shares worth Rs 50 crore at the same price.
The public issue with a face value of Rs 5 per equity share is a complete fresh issue of shares of Rs 750 crore with no offer-for-sale component.
The proceeds from its fresh issuance, Rs. 400 crores will be utilized for prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the Company, Rs 200 crore for funding working capital requirements and general corporate purposes.
Rashi Peripherals Limited was incorporated in 1989 by Mr. Krishna Kumar Choudhary and Mr. Sureshkumar Pansari. It is one of the fastest-growing distribution partners for global technology brands in India in terms of revenue growth between Fiscal 2020 and Fiscal 2022, according to a Technopak report mentioned in the DRHP. It differentiates itself by offering end-to-end value-added services such as pre-sale activities, solutions design, technical support, marketing services, credit solutions, and warranty management services.
It has a pan-India distribution network comprising 50 branches that operate for sales and as service centers and 62 warehouses, covering 730 locations in India, as of September 30, 2022.
The Mumbai-based company is a national distribution partner of global technology brands in product categories such as personal computing, mobility, enterprise, embedded solutions, components, lifestyle, storage and memory devices, power, and accessories. It distributes products for global technology brands such as ASUS Global Pte. Ltd., Dell International Services India Private Limited, HP India Sales Private Limited, Lenovo India Private Limited, Logitech Asia Pacific Limited, NVIDIA Corporation, Intel Americas, Inc., Western Digital (UK) Limited, Schneider Electric IT Business India Private Limited, Eaton Power Quality Private Limited, ECS Industrial Computer Co. Ltd., Belkin Asia Pacific Limited, TPV Technology India Pvt Ltd., LG Electronics India Private Limited, Toshiba Electronic Components Taiwan Corporation, among others.
