The Initial Public Offering of Rishabh Instruments Limited, a global energy efficiency solution company, focused on electrical automation, metering and measurement, precision engineered products and aluminium high pressure die castings with diverse applications across industries including power, automotive and industrial sectors, was subscribed 31.65 times on the final day of bidding.
The issue received bids of 24,65,26,010 shares against the offered 77,90,202 equity shares, at a price band of ₹418-441, according to the data available on the stock exchanges.
Qualified Institutional Buyer Portion was subscribed 72.54 times, Non-Institutional Investors Portion was subscribed 31.29 times, whereas Retail Portion was subscribed 8.43 times.
DAM Capital Advisors Limited, Mirae Asset Capital Markets (India) Private Limited and Motilal Oswal Investment Advisors Limited are the book running lead managers to the offer and KFin Technologies Limited is the Registrar to the Offer. The Equity Shares are proposed to be listed on BSE Limited and National Stock Exchange (NSE).
Company Information
Narendra Joharimal Goliya founded Rishabh Instruments in the year 1982 and has over 4 decades of experience in the electrical and electronic instruments industry. The company supplies a wide range of electrical measurement and process optimization equipment and engages in the design, development, manufacturing, and sale of devices significantly under its own brand across several sectors.
It is a vertically integrated player involved in designing, developing, manufacturing and supplying electrical automation devices; metering, control and protection devices; portable test and measuring instruments; and solar string inverters. Additionally, through its subsidiary, Lumel Alucast, it manufactures and supplies high pressure die cast aluminum components to the automation and automotive industry mainly in Europe.
According to the F&S report mentioned in the Red Herring Prospectus (“RHP”), the Company is a global leader in the manufacture and supply of analog panel meters and is also one of the leading global manufacturers and suppliers of low voltage current transformers. For meters, controllers, and recorders, Lumel is the most popular brand in Poland, and Lumel Alucast is one of the leading non-ferrous pressure casting players in Europe.
Rishabh Instruments’ revenue from operations increased by 21.11% from Rs 470.25 crore in Fiscal 2022 to Rs 569.54 crore in Fiscal 2023, primarily driven by increase in revenue from sale of goods and from sale of services, whereas profit grew to Rs 49.69 crore in Fiscal 2023, as compared to Rs 49.65 crore in Fiscal 2022.
The table below shows subscription data for all the categories of investors:
| RISHABH INSTRUMENTS LIMITED
Last updated on
01 Sep 2023 | 05:03:00 PM |
| Sr.No. |
Category |
No.of shares offered / reserved |
No. of shares bid for |
No. of times of total meant for the category |
| 1 |
Qualified Institutional Buyers (QIBs) |
22,25,772 |
16,14,57,840 |
72.54 |
| 1(a) |
Foreign Institutional Investors (FIIs) |
– |
3,60,00,016 |
– |
| 1(b) |
Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) |
– |
7,62,63,156 |
– |
| 1(c) |
Mutual Funds |
– |
1,30,74,972 |
– |
| 1(D) |
Others |
– |
3,61,19,696 |
– |
| 2 |
Non Institutional Investors(NIIS) |
16,69,329 |
5,22,28,012 |
31.29 |
| 2.1 |
Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) |
11,12,886 |
3,78,45,604 |
34.01 |
| 2.1(a) |
Corporates |
– |
6,55,758 |
– |
| 2.1(b) |
Individuals (Other than RIIs) |
– |
3,21,14,360 |
– |
| 2.1(c) |
Others |
– |
50,75,486 |
– |
| 2.2 |
Non Institutional Investors(Bid amount of more than Two Lakh Rupees and upto 10 lakh rupees) |
5,56,443 |
1,43,82,408 |
25.85 |
| 2.2(a) |
Corporates |
– |
48,586 |
– |
| 2.2(b) |
Individuals (Other than RIIs) |
– |
1,23,28,672 |
– |
| 2.2(c) |
Others |
– |
20,05,150 |
– |
| 3 |
Retail Individual Investors (RIIs) |
38,95,101 |
3,28,40,158 |
8.43 |
| 3(a) |
Cut Off |
– |
2,77,49,508 |
– |
| 3(b) |
Price Bids |
– |
50,90,650 |
– |
| 4 |
Employee Reserved |
– |
– |
– |
| 4(a) |
Employee (Cut off) |
– |
– |
– |
| 4(b) |
Employee (Price) |
– |
– |
– |
| 5 |
Reservation PortionShareholder |
– |
– |
– |
| 5(a) |
RPS (Cut off) |
– |
– |
– |
| 5(b) |
RPS (Price) |
– |
– |
– |
|
Total |
77,90,202 |
24,65,26,010 |
31.65 |
