Rishabh Instruments IPO: Issue subscribed over 31 times on day 3 so far; QIBs steal the show

livemint.com:

IPO subscription status: Rishabh Instruments IPO was subscribed 31.48 times on day 3 so far. Rishabh Instruments IPO opened for subscription on Wednesday, August 30, and will close today (Friday, September 1.) Rishabh IPO received overwhelming response from Qualified institutional buyers (QIBs) on the final day. Retail investors and non-institutional investors (NIIS) on day 3 also responded positively.

All the three portions were fully subscribed on the final day. Rishabh Instruments IPO's retail investors portion was subscribed 8.18 times, NII portion was subscribed 31.23 times times, and QIBs portion was subscribed 72.54 times. Rishabh Instruments IPO has received bids for 24,54,42,838 shares against 77,90,202 shares on offer, at 16:18 IST, according to data from the BSE.

Rishabh IPO's retail investors' portion received bids for 3,18,50,690 shares against 38,95,101 shares on offer for this segment. Rishabh Instruments IPO's non-institutional investors' portion received bids for 5,21,34,308 shares against 16,69,329 on offer for this segment. Rishabh IPO's QIBs portion received bids for 16,14,57,840 shares against 22,25,772 on offer for this segment.

Rishabh Instruments IPO is made up of fresh issue that totals to ₹75 crore and offer for sale (OFS) portion aggregates to 9.43 million equity shares on upper band price through the Offer, which translates to ₹415.78 crore. The total issue size comes to ₹490.78 crore. The net proceeds from the offer will be used to finance the cost towards expansion of Nashik Manufacturing Facility I, and meet general corporate purposes, said the company in its Red herring prospectus (RHP).