Rishabh Instruments IPO opens on Aug 30, price band set at Rs 418-441 a share

Rishabh Instruments, situated in Nashik, has set its public issue price range for a share of stock at Rs 418-441. The subscription period for the company's initial public offering (IPO) is scheduled to begin on August 30 and end on September 1. The launch date for the anchor book is August 29. Shares will be credited on September 8, following the completion of the basis of allotment on September 6. On September 11th, the stock will begin trading publicly.

Through a combination of a new issuance and an offer-for-sale (OFS) of up to 9.43 million shares, the business hopes to raise around Rs 75 crore from current shareholders and promoters. The IPO is expected to raise between Rs 491 crore and Rs 492 crore, giving the company a valuation of between Rs 1,600 crore and Rs 1,700 crore at the upper end of the pricing range.

Asha Narendra Goliya may offer up to 1.5 million shares, Rhishabh Narendra Goliya may offer up to 4 thousand shares, Narendra Rishabh Goliya HUF may offer up to 5.18 thousand shares, and SACEF Holdings II may offer up to 7.01 million shares in the OFS.

This offering's main managers are DAM Capital Advisors Ltd, Mirae Asset Capital Markets India, and Motilal Oswal Investment Advisors.

In addition to solar string inverters, the company also designs, develops, manufactures, and supplies electrical automation equipment such as metres, controls, and protectors.

In addition, its subsidiary Lumel Alucast produces and sells aluminium high-pressure die-casting. As of March 2023, it will have produced 4.31 million units annually between its two Nashik factories.

Also Read:-Rishabh Instruments IPO to open on August 30: Check details

According to DRHP, the company plans to use the Rs 59.50 crore it raised from the offering to increase its production capacity and invest in its core competencies.

The company's operational revenue increased to Rs 569.54 crore in FY23 from Rs 470.25 crore in FY22. In comparison to the previous period's net profit, this one came in at Rs 49.69 crore.