Rishabh Instruments made a decent debut on the bourses today, September 11, 2023. The stock listed at ₹460.05 on the NSE, a 4.3 percent premium to the issue price of ₹441. Meanwhile, on the BSE, it listed at ₹460, almost a 4 percent premium.
The ₹491 crore IPO of the energy efficiency solutions provider was open for bidding between August 30 and 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 to 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 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.
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 manufacturing, designing, and developing 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.
