Rishabh Instruments IPO subscribed by 2.46 times on Day 2 of offer

The initial public offer of global energy efficiency solution company Rishabh Instruments was subscribed 2.46 times on the second day of the offer on Thursday.

The Initial Public Offer (IPO) received bids for 1,91,33,738 shares against 77,90,202 shares on offer, as per the NSE data.

The category for Non-Institutional Investors (NIIs) was subscribed 4.65 times, while the portion for Retail Individual Investors (RIIs) was subscribed 2.79 times.

The quota for Qualified Institutional Buyers (QIBs) was subscribed 22 per cent.

The offer was subscribed 73 per cent on the first day of subscription on Wednesday.

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.

The company has fixed a price band for the IPO at Rs 418-441 per share. On Tuesday, Rishabh Instruments said 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 equity shares of the company will be listed on the BSE and the NSE.

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

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.