Rishabh Instruments IPO opens today: Latest GMP, should you subscribe, subscription status?
₹418 to ₹441 per equity share of face value of ₹10 each. The IPO lot size is 34 equity shares and in multiples thereafter. The public offer comprises a fresh issue of equity shares worth ₹75 crore and offer for sale (OFS) portion aggregating to 9.43 million equity shares of ₹415.78 crore.
At the upper end of the price band, Rishabh Instruments IPO size stands at ₹490.78 crore. The company has already raised about ₹147 crore from anchor investors on August 29, ahead of the IPO opening. The company had allotted 33,38,656 shares to anchor investors on Tuesday at a price of ₹441 per share.
Read here: Rishabh Instruments IPO: Rishabh IPO raises ₹147 crore from anchor investor; details here 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, Rishabh Instruments is a global engineering solution provider operating in large addressable markets, which analysts believe can benefit from industrialization trends. “At the upper price band, the company is valuing at P/E of 34.3x FY23 earnings with a market cap of ₹16,740 million post issue of equity shares and return on net worth of 11.67%. We believe that issue is fairly priced," said brokerage firm Anand Rathi.
The brokerage firm has ascribed “Subscribe for Long Term" rating to Rishabh Instruments IPO. Also Read: Rishabh Instruments IPO: Here are 10 things to know Rishabh Instruments IPO GMP today, or grey market premium today, is ₹83 per share, as per topsharebrokers.com. This indicates Rishabh Instruments shares are trading at a premium of ₹83 in the grey market on Wednesday.
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