Rashi Peripherals' Rs 600 cr IPO fully subscribed on Day 1 of offer

The initial public offer of information and communications technology products distributor Rashi Peripherals got fully subscribed on the first day of bidding on Wednesday.

The IPO received bids for 1,54,17,936 shares against 1,42,37,289 shares on offer, garnering a 1.08 times subscription, as per NSE data.

The portion for non-institutional investors subscribed 1.87 times, while the quota for retail individual investors (RIIs) received 1.36 times subscription. The category for qualified institutional buyers (QIBs) got subscribed 1 per cent.

The Rs 600-crore initial public offer (IPO) 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 Limited and ICICI Securities are the managers to the offer.

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