The IPO comprises a fresh issue of equity shares aggregating up to Rs 75 crore and an offer for sale (OFS) for up to 94.3 lakh equity shares by its promoter group shareholders and an existing investor, according to its draft red herring prospectus (DRHP).
Asha Narendra Goliya, Narendra Rishabh Goliya (HUF), Rishabh Narendra Goliya, and SACEF Holdings II will offload shares of the company in the OFS.
Proceeds from the issue worth Rs 59.50 crore will be utilised towards financing the expansion of its manufacturing facility in Nashik and for general corporate purposes.
The company through its IPO will fetch Rs 469.10 crore – Rs 490.78 crore at the lower and upper end of the price band, respectively.
Investors can bid for a minimum of 34 equity shares and in multiples of 34 equity shares thereafter.
The Nashik-based firm is focused on electrical automation, metering and measurement, precision-engineered products with diverse applications across industries, including power, automotive, and other industrial sectors. It is one of the leading companies in terms of manufacturing and supply of low-voltage current transformers and analog panel meters.
Rishabh Instruments’ revenue from operations increased to Rs 569.54 crore in fiscal 2023 from Rs 470.25 crore in the year earlier. Profit after tax was at Rs 49.69 crore in fiscal 2023 as compared to Rs 49.65 crore in fiscal 2022.
DAM Capital Advisors, Mirae Asset Capital Markets (India), and Motilal Oswal Investment Advisors Ltd are the book-running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE.
