Rashi Peripherals IPO Subscribed 3.19 Times On Day 2

Rashi Peripherals Ltd. launched its initial public offering on Wednesday to raise up to Rs 600 crore via a fresh issue. The IPO was subscribed 1.09 times on day one.

The price band is fixed at Rs 295–311 per share. The three-day IPO closes on Friday.

Of the total issue size, 50% is reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 35% for retail individual investors. The company has raised Rs 180 crore from anchor investors

• Issue opens: Feb. 7.

• Issue closes: Feb. 9.

• Total issue size: Rs 600 crore.

• Face value: Rs 5 apiece.

• Fixed price band: Rs 295–311 per share.

• Minimum lot size: 48 shares.

• Listing: NSE and BSE.

The net proceeds from the issue will be utilised towards prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the company, funding working capital requirements and general corporate purposes.

Incorporated in 1989, Rashi Peripherals is a company that distributes global technology brands in India. They specialise in products related to information and communication technology. The service offerings include value-added services like pre-sales, technical support, marketing services, credit solutions and warranty management services.

The company has two business verticals:

• Personal computing, enterprise and cloud solutions.

• Lifestyle and IT essentials.

As of Sept. 30, 2023, Rashi Peripherals is the national distributor for 52 global technology brands. The company's clients include Asus Global Pte., Dell International Services India Pvt., HP India Sales Pvt., and Lenovo India Pvt. It has 50 branches and 63 warehouses across India, with 8,657 distributors across 680 locations.

The IPO was subscribed 3.19 times as of 5 p.m. on Thursday.

• Institutional investors: 0.72 times.

• Non-institutional investors: 5.88 times.

• Retail investors: 3.46 times.