Rishabh Instruments IPO subscribed 73% on Day 1, received 5.6 mn bids

The Initial Public Offering (IPO) of global energy efficiency solution company Rishabh Instruments was subscribed 73 per cent on the first day of subscription on Wednesday.

The IPO received bids for 56,75,008 shares against 77,90,202 shares on offer, as per the NSE data.

The category for Non-Institutional Investors (NIIs) was subscribed 1.24 times, while the portion for Retail Individual Investors (RIIs) was subscribed 92 per cent.

The quota for Qualified Institutional Buyers (QIBs) got subscribed 1 per cent.

The IPO comprises a fresh issue of equity shares aggregating up to Rs 75 crore and an Offer For Sale (OFS) of up to 94.3 lakh equity shares by its promoter group shareholders and an existing investor.

Asha Narendra Goliya, Narendra Rishabh Goliya (HUF), Rishabh Narendra Goliya, and SACEF Holdings II will offload shares of the company in the OFS.

The company has fixed a price band for the IPO at Rs 418-441 per share.

Rishabh Instruments on Tuesday said that it has raised Rs 147.23 crore from anchor investors.

Proceeds from the issue worth Rs 59.50 crore will be used towards financing the expansion of its manufacturing facility in Nashik and for general corporate purposes.

The Nashik-based firm is focused on electrical automation, metering and measurement, precision-engineered products with diverse applications across industries, including power and automotive sectors.

Rishabh Instruments' revenue from operations increased to Rs 569.54 crore in 2022-23 from Rs 470.25 crore a year earlier.

Its profit after tax was Rs 49.69 crore in 2022-23 as compared to Rs 49.65 crore in 2021-22.

DAM Capital Advisors, Mirae Asset Capital Markets (India), and Motilal Oswal Investment Advisors Ltd are the book-running lead managers to the issue.

The equity shares of the company will be listed on the BSE and the NSE.