Rishabh Instruments IPO Lists at a Premium

rishabh.co.in

VoM News Desk | September 11, 2023 | 05:42 AM IST | Breaking News | Follow on Google News

Rishabh Instruments IPO Lists at a Premium. Image/rishabh.co.in

• NSE Listing Price: Rishabh Instruments Ltd’s shares made their stock market debut on Monday, listing at ₹460.05 per share on the NSE. This marked a premium of 4.3% over the issue price.
• BSE Listing Price: On the BSE, the listing price for Rishabh Instruments shares was ₹460 per share.

IPO Subscription Period and Anchor Investor Investment

• The Rishabh Instruments IPO was open for subscription from August 30 to September 1.
• Anchor investors had shown significant interest in the IPO, investing about ₹147 crore on August 29.

IPO Details

• The IPO consisted of a fresh issue that amounted to ₹75 crore and an offer for sale (OFS) portion comprising 9.43 million equity shares at the upper band price, totaling ₹415.78 crore.
• The total issue size for the Rishabh Instruments IPO was ₹490.78 crore.

Utilization of Proceeds

• The net proceeds from the IPO will be used to finance the cost of expanding Nashik Manufacturing Facility I and for general corporate purposes, as stated in the company’s Red Herring Prospectus (RHP).

Book Running Lead Managers and Registrar

• DAM Capital Advisors Ltd, Mirae Asset Capital Markets (India) Private Ltd, and Motilal Oswal Investment Advisors Ltd served as the Book Running Lead Managers (BRLMs) for the IPO.
• KFin Technologies Ltd acted as the registrar for the offer.

Grey Market Premium (GMP)

• The Grey Market Premium (GMP) for Rishabh Instruments IPO stood at +61 on Monday, indicating that shares were trading at a premium in the grey market compared to the issue price.
• Considering the upper end of the IPO price band and the current GMP, the estimated listing price for Rishabh Instruments shares was ₹502 apiece, reflecting a 13.83% premium over the IPO price of ₹441.
• The GMP can vary, with the lowest reported at ₹0 and the highest at ₹83, demonstrating investor willingness to pay more than the issue price.

The positive listing and premium in the grey market suggest strong demand and investor confidence in Rishabh Instruments Ltd’s shares.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.