Rashi Peripherals IPO receives 3.19 times subscription on Day 2 of offer

The initial share sale of information and communications technology products distributor Rashi Peripherals received 3.19 times subscription on Thursday, the second day of bidding.

The Initial Public Offer (IPO) received bids for 4,53,93,936 shares against 1,42,37,289 shares on offer, according to data available with the NSE.

The portion for non-institutional investors got subscribed 5.88 times while the category for Retail Individual Investors (RIIs) attracted 3.45 times subscription. The quota for Qualified Institutional Buyers (QIBs) received 72 per cent subscription.

The initial public offer of up to Rs 600 crore is in a price range of Rs 295-311 a share. The IPO is completely a fresh issue of equity shares.

Rashi Peripherals on Tuesday mobilised Rs 180 crore from anchor investors.

Of the IPO proceeds, funds worth Rs 326 crore will be utilised for payment of debt and Rs 220 crore for funding working capital requirements and general corporate purposes.

Last month, Rashi Peripherals raised Rs 150 crore from institutional investors in a pre-IPO funding round.

JM Financial and ICICI Securities are the managers to the offer.

Shares of the company are proposed to be listed on BSE and NSE.