Rashi Peripherals IPO: The initial public offer of Rashi Peripherals, a company which is into distribution of information and communications technology (ICT), will open for subscription on Wednesday and close on Friday.
Rashi Peripherals IPO details:
The IPO, valued at Rs 600 crore, comprises an entirely fresh issue of 1.93 crore equity shares, as per the details provided in the Red Herring Prospectus (RHP). There is no Offer for Sale (OFS) component.
IPO price band:
The IPO has set the price band between Rs 295 and Rs 311 per equity share with a face value of Rs 5.
The lot size for Rashi Peripherals IPO is 48 equity shares, with subsequent multiples available in increments of 48 equity shares.
Rashi Peripherals IPO GMP
As per 5Paisa.com, the Gray Market Premium (GMP) of the IPO is currently at Rs 70 a share, which indicates a listing gain of 22.51 percent.
IPO listing date and allotment:
The allocation of shares for Rashi Peripherals IPO will be determined on February 12, with refund processing and crediting of shares to allottees’ demat accounts scheduled for the same day. Anticipated listing of Rashi Peripherals IPO shares on BSE and NSE is set for February 14.
The floor price of the IPO is fixed at 59 times the face value of equity shares, while the cap price is 62.20 times the face value. The price/earnings ratio, based on diluted EPS for fiscal 2023, ranges from 10 times at the floor price to 10.54 times at the cap price.
The registrar for the Rashi Peripherals IPO is Link Intime India Private Ltd, while the book running lead managers are JM Financial Limited and ICICI Securities Limited.
As part of the pre-IPO placement, Madhuri Madhusudan Kela, the wife of renowned investor Madhusudan Kela, invested Rs 50 crore, while Volrado Venture Partners Fund-III-BETA invested Rs 100 crore. Together, these investors were allocated a total of 48.23 lakh equity shares at an issue price of Rs 311 each.
The company’s promoters consist of Keshav Krishna Kumar Choudhary, Chaman Pansari, Suresh M Pansari HUF, Suresh Kumar Pansari, Kapal Suresh Pansari, and Krishna Kumar Choudhary (HUF).
Rashi Peripherals IPO objective:
The net proceeds of the IPO will be utilized to achieve the following objectives: prepayment or scheduled repayment of existing borrowings, meeting working capital requirements, and addressing general corporate purposes.
As per the details in the company’s Red Herring Prospectus (RHP), Rashi Peripherals distinguishes itself by offering comprehensive services encompassing pre-sale activities, solution design, technical support, marketing services, credit solutions, and warranty management services.
As of September 30, 2023, the company’s expansive pan-India distribution network comprises 63 warehouses and 50 branches, functioning both as service centers and sales locations. By September 30, 2023, the company aims to cover 680 sites in India through its branches and warehouses. As of the same date, they serve as a nationwide distribution partner for fifty-two international technology businesses.
Financials for FY2023
For FY2023, Rashi Peripherals Limited’s profit after tax (PAT) fell by 32.42 percent while its revenue rose by 1.58 percent.
