Rishabh Instruments Limited’s initial public offering (IPO) opened for bidding on 30 August 2003 and will close today evening, 1 September 2003. In first two days of bidding, the Rishabh Instruments IPO subscription status shows that the bookbuild issue has been subscribed 2.46 times on the back of interest shown by retail investors and non-institutional investors (NIIs).
Rishabh Instruments IPO Subscription Status
The IPO’s retail portion has been subscribed 2.79 times, the NII portion was subscribed 4.65 times, and the qualified institutional buyers (QIBs) portion received bids for 0.22 times.
The public issue consists of a fresh issue of Rs 75 crore and an offer for sale (OFS) of up to 94.3 lakh shares with a face value of Rs 10 per share.
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Grey Market Premium (GMP)
The grey market sentiments remained positive on the IPO ahead of its closure on Friday. According to ipowatch.in, shares of Rishabh Instruments are commanding a premium of Rs 85 in the grey market today, which is Rs 2 higher than its GMP of Rs 83 on Thursday.
The offer is being made through the bookbuilding process, which means not more than 50 per cent of the offer would be reserved for QIBs, not less than 15 per cent for NIIs, and not less than 35 per cent for retail investors.
The company raised around Rs 147 crore from anchor investors ahead of its IPO on Tuesday. It allocated 33,38,656 shares at Rs 441 per share to anchor investors.
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Rishabh Instruments IPO Listing Date
The shares are likely to be allotted on 6 September 2003. Rishabh Instruments IPO is expected to be listed on 11 September 2023 on the NSE and BSE.
The net proceeds from the IPO will be used for the expansion of Nashik Manufacturing Facility I and general corporate purposes.
Nashik-based Rishabh Instruments is a global energy efficiency solutions company manufacturing electrical automation, metering and measurement, precision engineered products, and aluminium high-pressure die castings.
