Rishabh Instruments IPO Lists at a Premium

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.