Rishabh Instruments IPO allotment today: Here's how to check status and latest GMP

The allotment for the initial public offer (IPO) of Rishabh Instruments is likely to be finalised today. Investors can check their allotment status on the issue's registrar Kfin Technologies' website as well as on BSE.

The ₹491 crore IPO of energy efficiency solutions provider was open for bidding between August 30 - September 1 at a price range of ₹418-441 per share.

The issue witnessed a strong subscription and was booked 31.65 times in the 3 days of bidding. The portion for qualified institutional bidders (QIBs) was subscribed 72.54 times, while the non-institutional investors' category was bid 31.29 times and the quota reserved for retail investors was booked 8.44 times.

The firm is likely to be listed on the bourses on Monday, September 11.

Here's how you can check the allotment status

On BSE

1) Go to the website.

2) Select ‘Equity’ and then from the dropdown, select the issue name (Rishabh Instruments).

3) Enter your application number and PAN card number.

4) Click on the "Search" button.

In a similar way, you can also check on its registrar's website

1) Go to the website of Kfin Technologies.

2) Click on ‘Company Selection’ and then select the IPO name (Rishabh Instruments).

3) Now, enter your PAN, application number, DP / Client ID or account number / IFSC.

4) Click on ‘Search’.

The status will only appear after allotment if the details are entered correctly. The refund process will start on Thursday, September 7, for individuals not given shares. Those allotted will receive their shares in their demat accounts on Friday, September 8.

The IPO comprised of a fresh issue worth ₹75 crore and an offer-for-sale (OFS) by existing promoters and investors of 94,28,178 equity shares aggregating up to ₹415.78 crore.

Promoters Asha Narendra Goliya, Rishabh Narendra Goliya, and Narendra Rishabh Goliya (HUF) will sell 24.17 lakh shares via OFS, while investor SACEF Holdings II will also offload its entire 70.10 lakh shares or 19.33 percent stake via the OFS. The IPO will provide an exit to the SACEF, the subsidiary of South Asia Clean Energy Fund, an India-focused clean energy private equity fund, which acquired a stake in the company in September 2013.

Incorporated in 1982, Rishabh Instruments is a global energy efficiency solution company focused on electrical automation, metering and measurement, precision-engineered products, etc. with diverse applications across industries including power, automotive and industrial sectors. It is engaged in the business of manufacturing, design, and development of test and measuring instruments and industrial control products. The company has manufacturing units and more than 270 dealers across the globe, reaching more than 70 countries and over 150 dealers across India covering every state.

Most brokerages recommended subscribing to the issue citing fair valuations, niche products, strong global presence, healthy return ratios and robust balance sheet.

Rishabh Instruments GMP today

Ahead of the listing, the company's shares in the grey market are trading at a premium of ₹66, indicating a decent listing for the issue. It has risen from ₹50 when the issue closed for the bidding.

However, one must note that the grey market premium is only an indicator of how the company's shares are performing in the unlisted market and can change quickly.