Rishabh Instruments subscribed 31.65 times

Posted on by

The ₹491-crore initial public offering of Rishabh Instruments was subscribed 31.65 times. The IPO received bids for 24.65 crore shares against 77.90 lakh shares on offer.

The category for Non-Institutional Investors (NIIs) was subscribed 31.29 times, while the portion for Retail Individual Investors (RIIs) was subscribed 8.44 times. The quota for Qualified Institutional Buyers (QIBs) was subscribed 72.54 times.

The IPO comprises a fresh issue of equity shares aggregating up to ₹75 crore and an Offer For Sale (OFS) of up to 94.3 lakh equity shares by its promoter group shareholders and an existing investor. The company has fixed a price band for the IPO at ₹418-441 per share.

As part of the IPO process, Rishabh Instruments had raised ₹147.23 crore from anchor investors.

Proceeds from the issue worth ₹59.50 crore will be used towards financing the expansion of its manufacturing facility in Nashik and for general corporate purposes.

The Nashik-based firm is focused on electrical automation, metering and measurement, precision-engineered products with diverse applications across industries, including power and automotive sectors.