Rashi Peripherals Shares End At 3.07% Premium Against IPO Price
On the National Stock Exchange, the shares ended at Rs 320.6 apiece, a premium of 3.09%.
Shares of Rashi Peripherals Ltd. ended on the Bombay Stock Exchange at Rs 320.5 apiece, a premium of 3.07% against the issue price of Rs 311 per share. However, the shares fell 4.31% as compared with the open price of Rs 335 apiece.
On the National Stock Exchange, the shares ended at Rs 320.6 apiece, a premium of 3.09%.
They debuted on the NSE at Rs 339.5 apiece, a premium of 9.16%, and on the BSE, it opened at Rs 335 apiece, marking a premium of 7.72%.
The Rs 600-crore IPO was subscribed 59.71 times by its final day. Institutional investors led demand, with the basket subscribed 143.66 times. Non-institutional investors subscribed their portion 62.75 times, while retail investors placed bids for 10.44 times the reserved shares.
Rashi Peripherals will utilise the net proceeds from the issue for 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 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, and 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.,
We have borrowing for working capital requirement, and 54% of the proceeds will be used to repay debt, Chief Financial Officer, Himanshu Shah told NDTV Profit.
Our business requires working capital to a great extant, and we will use debt-to-equity ratio very prudently, Kapal Suresh Pansari, managing director said.
Our company has been growing at a CAGR of 20% for the last 20 year and the demand for technology products remains robust, Pansari said.
