Rikhav Securities IPO closes today; check subscription, GMP, listing date

Rikhav Securities IPO: The unlisted shares of financial services company Rikhav Securities were commanding a solid premium in the grey market as their initial public offering (IPO) closes for subscription today, Friday, January 17, 2025. The Rikhav Securities IPO consists of a fresh issue of 8.32 million equity shares and an offer for sale (OFS) of 2 million equity shares. It is available at a price band of Rs 82-86 per share, with a lot size of 1,600 shares.

 

Sources tracking unofficial market activities revealed that Rikhav Securities shares were quoted at Rs 171 apiece in the grey market, translating to a grey market premium (GMP) of Rs 85 or 98.84 per cent over the upper end of the issue price.

 

Meanwhile, the SME offering, which opened for public subscription on Wednesday, January 15, 2025, has received a decent response from investors, with the issue being oversubscribed by around 36 times by the end of January 16, 2025.

 

Investors can bid for a minimum of 1,600 shares of the Rikhav Securities IPO and in multiples thereof. Thus, a retail investor would need to invest Rs 1,37,600 for one lot at the upper price band.

 

As the subscription window for the SME offering closes today, the basis of allotment is expected to be finalised tentatively on January 20, 2025. Successful allottees will receive the shares in their demat accounts on January 21, 2025.

 

Rikhav Securities shares are expected to list on the BSE SME platform tentatively on January 22, 2025.

 

Link Intime India is the registrar for the Rikhav Securities IPO, while Smart Horizon Capital Advisors is acting as the sole book-running lead manager.

 

Rikhav Securities will not receive any proceeds from the offer for sale, as the selling shareholders will retain their respective portions of the proceeds after deducting offer-related expenses and taxes. However, the company stated that it will utilize the proceeds from the fresh issue for working capital requirements, capital expenditure on IT infrastructure, and general corporate purposes.

 

Rikhav Securities is a financial services company incorporated in 1995. It offers brokerage, investing, and banking services. Rikhav Securities is registered with the Securities and Exchange Board of India (SEBI) as a stockbroker and holds memberships with the BSE, National Stock Exchange (NSE), and Multi Commodity Exchange (MCX). The company also provides services such as equity broking, cash delivery, intraday trading, and derivatives trading.