Rishabh Instruments IPO day 2: Oversubscription at 1.48x, Retail at 1.93x

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Rishabh Instruments IPO Day 2 Subscription Status

Investor enthusiasm continues to shine for the Rishabh Instruments IPO, with the subscription count reaching 1.48 times the available shares on the second day of bidding, August 31.

Impressively, both retail investors and high net worth individuals (HNIs) have shown substantial interest in the offering. Retail investors have seized the opportunity, oversubscribing at 1.93 times their allocated quota. Likewise, HNIs displayed a keen interest, putting in bids that totaled 2.38 times the reserved portion for them.

Even qualified institutional buyers (QIBs) demonstrated a positive response by acquiring 1 percent of the shares from the 50 percent reserved portion of the total offer size.

The thriving Nashik-based company has designated 15 percent of the public issue shares for high net worth individuals, while the remaining 35 percent remains earmarked for retail investors.

As of August 30, the first day of the bidding phase, the subscription rate had reached 73 percent.

Rishabh Instruments aims to raise an impressive Rs 490.78 crore through an initial public offering of 1.11 crore equity shares at the upper end of the price band.

Also Read: Rishabh Instruments IPO Details | GMP, Date, Price, Review

This offering comprises a fresh issuance of Rs 75 crore and an offer-for-sale (OFS) of 94.28 lakh shares, encompassing promoters and investor SACEF Holdings II. SACEF Holdings, a subsidiary of the South Asia Clean Energy Fund—a private equity fund focused on clean energy in India—intends to divest its entire 19.33 percent shareholding via OFS.

Priced between Rs 418 and Rs 441 per share, the IPO presents an attractive opportunity.

Having already secured Rs 147.2 crore through the anchor book process, which is part of the QIB offering, Rishabh Instruments’ anchor investors include renowned names such as HDFC Mutual Fund, Sundaram Mutual Fund, Bandhan Mutual Fund, Aditya Birla Sun Life Insurance, and Quant Mutual Fund.

The proceeds from the OFS will go to the selling shareholders, while the funds generated from the fresh issuance will primarily fuel the expansion of the Nashik manufacturing facility I and support general corporate endeavors.

Rishabh Instruments, a prominent global provider of energy efficiency solutions, specializes in electrical automation, metering, measurement, and precision-engineered products. The company serves the power, automotive, and industrial sectors with its five advanced manufacturing facilities.

About Rishabh Instruments:

Rishabh Instruments Limited is a renowned producer of measurement instruments. The firm provides a diverse range of products including digital and analog panel meters, protective relays, current transformers, shunts, switches, transducers, isolators, paperless recorders, temperature controllers, converters, insulation testers, and synchronizing units. With a global presence, Rishabh Instruments caters to a broad customer base across the world.

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