Akash Jha
The IPO for Nashik’s Rishabh Instruments will begin accepting applications on August 30 and run until September 1. On August 29th, bids from potential anchor investors will open. On September 6, the basis of allotment will be finalised, and on September 8, the shares will be credited to the investor’s account. The company is scheduled to go public on September 11.
Through a combination of a fresh issue and an offer for sale (OFS) of up to 9.43 million shares, the company’s current owners and promoters expect to generate around Rs 75 crore in the initial public offering.
SACEF Holdings II is offering up to 7.01 million shares, while Asha Narendra Goliya is offering up to 1.5 million shares, Rhishabh Narendra Goliya is offering up to 4 lakh shares, and Narendra Rishabh Goliya HUF is offering up to 5.18 lakh shares.
Motilal Oswal Investment Advisors, DAM Capital Advisors Ltd, and Mirae Asset Capital Markets India are the issue’s lead managers.
In addition to solar string inverters, the company also designs, develops, manufactures, and supplies electrical automation equipment such as metres, controls, and protectors.
Lumel Alucast, a division of the company, also produces and distributes high-pressure die castings made of aluminium. As of March 2023, the company’s total installed capacity across its two Nashik factories is 4.31 million units per year.
According to DRHP, it plans to invest the Rs 59.50 crore it received from the offering in an expansion of its production facilities in order to enhance and strengthen its core capabilities and increase its manufacturing capacity.
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Company operations brought in Rs 569.54 crore in FY23, up from Rs 470.25 crore in the prior year. Periodic net income was Rs 49.69 crore, up from Rs 49.65 crore in the prior year.
