Rishabh Instruments Raises Rs 147.2 Crore From Anchor Investors Ahead Of IPO

Rishabh Instruments Ltd. has raised Rs 147.2 crore from anchor investors ahead of its initial public offering on Aug. 30.

The energy-efficiency solutions provider allotted nearly 33.4 lakh shares at Rs 441 apiece to a total of 16 anchor investors.

The investors include HDFC Mutual Fund, Nippon Life, Sundaram Mutual Fund, Bandhan Mutual Fund, Aditya Birla Sun Life Insurance, Quant Mutual Fund, Tata Multicap Fund, Ashoka India Equity Investment Trust, and 3P India Equity Fund I.

Six mutual funds have applied through a total of 13 schemes, the company said in an exchange filing. They have collectively netted 76.7% of the anchor portion.

Rishabh Instruments plans to raise Rs 490.8 crore via a fresh issue and an offer for sale. The issue will close on Sept. 1.

The fresh issue will consist of 17 lakh equity shares aggregating Rs 75 crore, and the OFS includes 94,28,178 shares aggregating Rs 415.8 crore. The price band is fixed in the range of Rs 418–441 per share.

Out of the total IPO size, 50% is reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 35% is to be allotted to retail individual investors. The business has set aside up to 20,000 equity shares under the IPO for subscription by eligible employees.

Headquartered in Nashik, Maharashtra, Rishabh Instruments is a worldwide supplier of energy-efficiency solutions. The company focuses on electrical automation, metering and measurement, precision-engineered items, and high-pressure die castings made from aluminium through its subsidiary, Lumel Alucast. These products find diverse applications across the power, automotive, and industrial domains.