Rishabh Instruments, a manufacturer of test and measuring instruments and industrial control products, has witnessed significant investor enthusiasm during its initial public offering (IPO). On the final day of bidding, September 1, 2023, the IPO garnered bids for 24.65 crore equity shares against an issue size of 77.9 lakh shares, resulting in an impressive oversubscription rate of 31.65 times.
Among the investor categories, high net worth individuals (HNIs) exhibited remarkable interest by subscribing 31.29 times the portion allocated to them. Qualified institutional buyers (QIBs) were equally fervent, bidding 72.54 times the allotted quota.
Rishabh Instruments, headquartered in Nashik, Maharashtra, had reserved 50 percent of the offer size for QIBs, 15 percent for HNIs (non-institutional investors), and the remaining 35 percent for retail investors, who subscribed 8.44 times the reserved portion as of the final day.
The IPO had previously witnessed strong demand, with a subscription rate of 2.46 times by the end of the second day of bidding on August 31.
Rishabh Instruments aims to raise Rs 490.78 crore through its maiden public issue by offering 1.1 crore equity shares at a price range of Rs 418-441 per share. The IPO includes a fresh issuance of shares valued at Rs 75 crore, which will be used for expanding its Nashik manufacturing facility and general corporate purposes.
Additionally, the IPO incorporates an offer-for-sale (OFS) portion comprising 94.28 lakh shares, worth Rs 415.78 crore at the upper price band. These shares will be sold by the promoters and investor SACEF Holdings II. This offering marks a complete exit for SACEF, a subsidiary of South Asia Clean Energy Fund, which currently holds 19.33 percent of the company's shares.
Rishabh Instruments, with its five manufacturing facilities in India and overseas, specializes in the design, development, and manufacturing of electrical automation devices, metering, control and protection devices, portable test and measuring instruments, and solar string inverters. Additionally, it is involved in aluminum high-pressure die casting through its subsidiary, Lumel Alucast, which was acquired in 2011-2012.
Among the investor categories, high net worth individuals (HNIs) exhibited remarkable interest by subscribing 31.29 times the portion allocated to them. Qualified institutional buyers (QIBs) were equally fervent, bidding 72.54 times the allotted quota.
Rishabh Instruments, headquartered in Nashik, Maharashtra, had reserved 50 percent of the offer size for QIBs, 15 percent for HNIs (non-institutional investors), and the remaining 35 percent for retail investors, who subscribed 8.44 times the reserved portion as of the final day.
The IPO had previously witnessed strong demand, with a subscription rate of 2.46 times by the end of the second day of bidding on August 31.
Rishabh Instruments aims to raise Rs 490.78 crore through its maiden public issue by offering 1.1 crore equity shares at a price range of Rs 418-441 per share. The IPO includes a fresh issuance of shares valued at Rs 75 crore, which will be used for expanding its Nashik manufacturing facility and general corporate purposes.
Additionally, the IPO incorporates an offer-for-sale (OFS) portion comprising 94.28 lakh shares, worth Rs 415.78 crore at the upper price band. These shares will be sold by the promoters and investor SACEF Holdings II. This offering marks a complete exit for SACEF, a subsidiary of South Asia Clean Energy Fund, which currently holds 19.33 percent of the company's shares.
Rishabh Instruments, with its five manufacturing facilities in India and overseas, specializes in the design, development, and manufacturing of electrical automation devices, metering, control and protection devices, portable test and measuring instruments, and solar string inverters. Additionally, it is involved in aluminum high-pressure die casting through its subsidiary, Lumel Alucast, which was acquired in 2011-2012.
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