The initial public offer (IPO) of Rashi Peripherals received bids for 85,01,65,296 shares as against 1,42,37,289 shares on offer. The issue was subscribed 59.71 times.
The Qualified Institutional Buyers (QIBs) category was subscribed 143.66 times. The Non Institutional Investors (NIIs) category was subscribed 62.75 times. The Retail Individual Investors (RIIs) category was subscribed 10.44 times.
The issue opened for bidding on 7 February 2024 and it closed on 9 February 2024. The price band of the IPO was fixed at Rs 295-311 per share.
The offer comprised only fresh issue of equity shares of Rs 600 crore. Out of the proceeds from the fresh issue, Rs 326 crore will be used for prepayment or scheduled re-payment of all, or a portion, of certain outstanding borrowings availed by the company, Rs 220 crore to meet its working capital requirements and the balance towards any other general corporate purpose.
Ahead of the IPO, Rashi Peripherals on Tuesday, 6 February 2024, raised Rs 179.99 crore from anchor investors. The board allotted 57.87 lakh shares at Rs 311 each to 18 anchor investors.
Rashi Peripherals (RP Tech) is the fourth largest player in the distribution business of information and communications technology (ICT) products and services in India.
RP Tech has 50 branches operating as sales and as service centers and 63 warehouses covering 680 locations in India through an ecosystem of 8,402 channel partners for 10,508 stock keeping units as of 30 September 2023. The company’s distribution network is for more than 30 years.
The firm reported a net profit of Rs 72.02 crore and net sales of Rs 5,468.51 crore for the six months ended on 30 September 2023.