Rashi Peripherals garners ₹180 crore from anchor investors a day before IPO
Information and communications technology products distributor for global technology brands company Rashi Peripherals, on Tuesday, said that it has garnered ₹180 crores from anchor investors ahead of its initial public offering that opens for public subscription on Wednesday, February 07, 2024.
The company informed the bourses that it has allocated 57,87,780 equity shares at ₹311 per share on Tuesday, February 06, 2024, to anchor investors.
Foreign and Domestic Institutions who participated in the anchor were White Oak Capital, Ashoka India, ICICI Prudential, Volrado Ventures, Bajaj Alliance Life Insurance, Aditya Birla Sun Life Insurance, SBI General Insurance, BCAD, Singularity Growth Opportunity Fund and Authum Investments.
Out of the total allocation of 57,87,780 equity shares to the anchor investors, 19,61,472 equity shares were allocated to 3 domestic mutual funds through a total of 8 schemes amounting to ₹61 crore approx i.e. 33.89 percent of the Total Anchor Book Size.
JM Financial Limited and ICICI Securities Limited are the book running lead managers to the offer.
Prior to submitting its IPO paperwork to the Registrar of Companies, the Mumbai-based company had secured ₹150 crore through private placement from Volrado Venture Partners Fund-III-BETA and notable investor Madhusudan Kela’s spouse, Madhuri Madhusudan Kela, on January 17 of this year.
Initially, the planned issue size stood at ₹750 crore, yet it was subsequently trimmed down to ₹600 crore, particularly following the successful pre-IPO placement fundraising.
Currently, the promoters hold a majority stake of 89.65 percent in the company, while Volrado and Kela stand as the sole public shareholders with a combined stake of 10.35 percent.
Rashi Peripherals IPO details
The issue is entirely a fresh issue of equity shares aggregating to ₹600 crore with no offer for sale component.
The issue will open for subscription on Wednesday, February 07, 2024, and close on Friday, February 09, 2024. The price band for the offer has been determined at ₹295 – ₹311 per equity share.
Also read: Apeejay Surrendra Park IPO: Check out 10 key things to know from RHP before investing
The IPO will fetch ₹600 crore at the upper end of the price band.
Investors can bid for a minimum of 48 equity shares and in multiples of 48 equity shares thereafter.
The offer is being made through the book building process, wherein not more than 50 percent of the offer shall be available for allocation to Qualified Institutional Buyers, not less than 15 percent of the offer shall be available for allocation to Non-Institutional bidders and not less than 35 percent of the offer shall be available for allocation to retail individual bidders.
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Published: 06 Feb 2024, 08:59 PM IST
