Driving Naari Programme launched in Chandigarh
Rashi Peripherals made a decent market debut on February 14, listing at a 9.16 premium over the IPO price. The stock opened at Rs 339.5 on the National Stock Exchange and Rs 335 on the BSE against the issue price of Rs 311.
Ahead of the listing, the stock was commanding a 13 percent premium in the grey market, an unofficial platform where stocks begin to trade well before the allotment in the IPO. It is normally tracked to get an idea of the listing price.
All you need to know about Rashi Peripherals IPO
The Rs 600-crore IPO was subscribed 59.71 times. Qualified institutional buyers led the charge, picking 143.66 times their quota of shares. Non-institutional investors bought 62.75 times the allotted quota, while retail investors bid 10.44 times the reserved portion.
The offer was entirely a fresh issue of 1.93 crore shares. In the pre-IPO placement, Volrado Venture Partners Fund-III-BETA and ace investor Madhusudan Kela’s wife Madhuri Madhusudan Kela invested Rs 100 crore and Rs 50 crore, respectively. The price band for the issue was fixed at Rs 295-311 a share.
Rashi Peripherals likely to debut with double-digit premium
The company will use Rs 326 crore to pay off loans and Rs 220 crore to meet working capital requirements. The remaining funds will be used for general corporate purposes.
The company’s net profit for the six months ended September FY24 rose 6.9 percent on-year to Rs 72 crore. The revenue in H1FY24 came in at Rs 5,468.5 crore, growing 8.8 percent over a year-ago period. As of November 30, 2023, the company had outstanding borrowings of Rs 1,569.36 crore on a consolidated basis. The debt-to-equity ratio stood at 1.82 times.
Rashi Peripherals IPO: 10 things to know about the Rs 600-crore issue
Rashi Peripherals is a national distribution partner for global technology brands in India for information and communication technology (ICT) products. It primarily operates the following two business verticals – Personal Computing, Enterprise and Cloud Solutions (PES) and Lifestyle and IT Essentials (LIT).
