Rishabh Instruments, a Nashik-based global energy efficiency solution company, has filed preliminary papers with Sebi to raise funds through an initial public offering (IPO).
The IPO comprises a fresh issue of equity shares and an offer for sale (OFS) by its promoter group shareholders and an existing investor, according to its draft red herring prospectus (DRHP).
Under the OFS, Asha Narendra Goliya will offload 25 lakh equity shares, Narendra Rishabh Goliya (HUF) will sell 5.17 lakh shares, Rishabh Narendra Goliya will dispose of 4 lakh shares and SACEF Holdings II will sell 60 lakh equity shares in the company.
Here's all you need to know about the offer:
Offer size: The IPO comprises a fresh issue of equity shares aggregating to up to ₹75 crore and an offer for sale (OFS) for up to 94.17 lakh equity shares by its promoter group shareholders and an existing investor, according to its DRHP.
Objective of the issue: The company, as per the DRHP, aims to utilise a substantial portion of the net proceeds of the offer towards its expansion project and its efforts to expand its production capabilities.
Book-running managers: DAM Capital Advisors, Mirae Asset Capital Markets (India) and Motilal Oswal Investment Advisors are the book-running lead managers of the issue. KFin Technologies is the registrar for the offer.
Company overview: As per the DRHP, 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.
The company is a supplier of a wide range of electrical measurement and process optimization equipment. It is also engaged in designing, developing and manufacturing, and sale of devices significantly under its own brand across several sectors.
Company's finances: For the financial year 2022, the company's consolidated revenue from operations stood at ₹470.25 crore, up 20.6 percent against ₹389.96 crore a year ago. Net profit for FY22 rose 38 percent to ₹49.65 crore against ₹35.94 crore in FY21.
The company's total assets in FY22 stood at ₹563.89 crore against ₹511.97 crore a year ago. Total equity and liabilities in FY22 stood at ₹563.89 crore against ₹511.97 crore a year ago.