Rashi Peripherals IPO: Total Subscription of 59.70 times, QIB Portion Booked 143.66 on Day 3

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by Sandip Das on 9 February 2024,  5 min read

Rashi Peripherals IPO: Total Subscription of 59.70 times, QIB Portion Booked 143.66 on Day 3 - MyDhanush Blogs by Ashika
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Rashi Peripherals‘ Initial Public Offer (IPO) started its subscription on February 7, 2024. The issue is set to conclude on February 9, 2024. The IPO, valued at Rs 600 crore, comprises an entirely fresh issue of 1.93 crore shares. The company has set the price for the shares at Rs 295-311 per share.

For retail investors, the minimum bid quantity is 48 shares, with subsequent bids allowed in multiples of 48. Consequently, the minimum investment by retail investors stands at Rs 14,160. At the upper limit, the bidding amount reaches Rs 14,928.

Rashi Peripherals aims to raise Rs 600 crore through the IPO, with up to 50 percent of the issue size reserved for Qualified Institutional Buyers (QIB). The remaining allocation includes 15 percent for High Net Worth Individuals (HNI) and 35 percent for retail investors.

About the company

Founded in 1989, Rashi Peripherals Limited is a leading distributor of global technology brands in India, specializing in ICT products. The company offers pre-sales, technical support, marketing, credit solutions, and warranty management services as part of its value-added offerings.

Issue Subscription

At 4:54 PM, the issue was subscribed 59.70 times as against 1.42 crore shares. The retail portion was booked 10.42 times. Non-Institutional Investors (NIIS) part was booked 62.74 times as against 30,50,848 shares. The Qualified Institutional Buyers (QIBs) portion was booked 143.66 times as against 40.67 lakh shares.

Price Band

The company has fixed the price band for the issue at Rs 295-311 per share.

Issue Size

Retail investors can bid for a minimum of 48 shares and multiples of 48 thereafter, resulting in a minimum investment of Rs 14,160. At the upper end, the bidding amount increases to Rs 14,928.

Company Financials

Particulars

6 months ended Sept 30, 2023 (Rs million)

Year ended March 31, 2023

Revenue from operations 54,685.10 94,542.79
Profit after tax 720.18 1,233.43
Objectives of the Issue

The company will utilize the net proceeds from the offer to prepay or schedule the repayment of specific outstanding borrowings, fund working capital needs, and address general corporate purposes.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.

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