Rishabh Instruments IPO Day 2 Subscription
The Rishabh Instruments IPO has garnered substantial attention as it achieves a subscription rate of 2.46 times on its second day of offering. Commencing its subscription phase on Wednesday, August 30, the IPO is set to conclude on Friday, September 1.
During the second day of trading, the Rishabh IPO enjoys enthusiastic participation from retail investors and non-institutional investors (NIIs), resulting in full subscription within these categories. However, the response from qualified institutional buyers (QIBs) remains relatively subdued on the second day.
In-depth analysis of subscription figures reveals that the retail investors segment displays a subscription rate of 2.79 times, while the NII portion experiences a robust 4.65 times subscription. Meanwhile, the QIB portion observes a subscription rate of 22%.
Rishabh Instruments IPO Subscription Status Today:
Presently, the Rishabh Instruments IPO has received bids for a total of 1,91,33,738 shares, in contrast to the 77,90,202 shares that were initially offered, as reported by the BSE.
The retail investors’ portion of the IPO has witnessed bids for 1,08,71,568 shares, surpassing the available 38,95,101 shares designated for this category.
In the non-institutional investors’ segment, bids have been submitted for 77,61,894 shares, exceeding the 16,69,329 shares available for subscription.
As for the QIB portion, bids have been received for 5,00,276 shares, against the 22,25,772 shares on offer.
Also Read: Rishabh Instruments IPO Subscription Status (Live Data)
Rishabh Instruments IPO Insight:
The Rishabh Instruments IPO is a composite of a fresh issue that amounts to ₹75 crore, and an offer for sale (OFS) segment, encompassing 9.43 million equity shares at the upper price band. This translates to a total of ₹415.78 crore for the OFS, contributing to an overall issue size of ₹490.78 crore.
The funds generated from this IPO will facilitate the expansion of Nashik Manufacturing Facility I, along with catering to general corporate requirements, as outlined in the company’s Red Herring Prospectus (RHP).
Also Read: Rishabh Instruments IPO Details | GMP, Date, Price, Review
With a price band ranging between ₹418 to ₹441 per equity share, and a lot size of 34 equity shares, investors can participate in multiples of 34 equity shares thereafter.
Notably, the anchor investor phase of the Rishabh Instruments IPO has successfully raised approximately ₹147 crore, with an allocation of 33,38,656 shares at a rate of ₹441 per share.
The IPO allocation breakdown designates up to 50% of shares for Qualified Institutional Buyers (QIBs), at least 15% for Non-Institutional Investors (NIIs), and a minimum of 35% for Retail Investors.
Looking ahead, the finalization of the IPO’s share allotment will occur on Wednesday, September 6, with refunds set to initiate on Thursday, September 7. The shares will be credited to allottees’ demat accounts on Friday, September 8. The anticipated listing date for Rishabh Instruments IPO shares on the BSE and NSE is Monday, September 11.
Key Players and Insights:
The Offer’s book running lead managers (BRLMs) include DAM Capital Advisors Ltd, Mirae Asset Capital Markets (India) Private Ltd., and Motilal Oswal Investment Advisors Ltd. KFin Technologies Ltd operates as the registrar for the offering.
Rishabh Instruments IPO GMP:
In the grey market, the Rishabh Instruments IPO’s grey market premium (GMP) is currently reported to be -66, marking a decrease from the previous trading session. This suggests that shares of Rishabh Instruments are trading at a premium of ₹66 in the grey market as of Thursday.
Estimating based on the upper end of the IPO price band and the prevailing grey market premium, the projected listing price for Rishabh Instruments shares is expected to reach ₹507 per share. This figure represents a substantial 14.97% increase from the IPO price of ₹441.
Analysts at topsharebrokers.com point to an upward trend in GMP, reflecting strong market sentiment and indicating a potentially robust listing. The spectrum of GMP values spans from ₹0 to ₹83, showcasing investor willingness to pay over the issue price, as denoted by the ‘grey market premium.’
About Rishabh Instruments:
Founded in 1982, Rishabh Instruments Limited specializes in producing Test and Measuring Instruments along with Industrial Control Products. The company provides economical solutions to measure, control, record, analyze, and enhance energy and processes, offering an extensive array of products for this purpose.
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