Rashi Peripherals Secures Rs 180 Crore from Anchor Investors Ahead of IPO Launch

Information and communications technology products distributor Rashi Peripherals successfully secured Rs 180 crore from anchor investors on Tuesday, February 6, in preparation for its upcoming initial public offering (IPO).

Representative image

Anchor Investors

The company allotted 57.88 lakh equity shares to 18 funds at a price of Rs 311 per share, which represents the upper limit of the price band. The anchor investors who participated in the bidding process include prominent foreign and domestic institutions such as White Oak Capital, Ashoka India, ICICI Prudential Mutual Fund, Volrado Venture Partners Fund, and Bajaj Alliance Life Insurance Company.

Other notable participants in the bidding round were Aditya Birla Sun Life Insurance Company, SBI General Insurance Company, Singularity Growth Opportunity Fund, and Authum Investment and Infrastructure Ltd. Out of the total allocation of 57.88 lakh equity shares, domestic mutual funds were allotted 19.61 lakh equity shares through a total of 8 schemes, amounting to Rs 61 crore.

IPO Details

The IPO consists entirely of a fresh issue of equity shares worth Rs 600 crore. The issue, with a price band of Rs 295-311 per share, will be open for public subscription from February 7 to February 9.

The proceeds from the IPO will be primarily utilized for debt payment (Rs 326 crore) and funding working capital requirements and general corporate purposes (Rs 220 crore).

Pre-IPO Funding

In January 2023, prior to the IPO, Rashi Peripherals had already raised Rs 150 crore from institutional investors through a pre-IPO funding round.

Book-Running Lead Managers

JM Financial and ICICI Securities are serving as the book-running lead managers for the IPO. The equity shares are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).