Rashi Peripherals is set to launch its ₹600-crore initial public offering (IPO) on February 7. Information and communications technology products distributor’s subscription for the maiden public issue will close on February 9. The anchor book will be launched for a day on February 6.
What we know about Rashi Peripherals IPO?
The Rashi Peripherals IPO comprises only a fresh issue of ₹600 crore by the Mumbai-based company. There is no offer-for-sale component. The actual issue size of the Rashi Peripherals IPO was ₹750 crore which got reduced to ₹600 crore.
Rashi Peripherals said in its IPO papers, “… company, in consultation with the merchant bankers, has undertaken a pre-IPO placement of equity shares aggregating to ₹150 crore. The size of the fresh issue has been reduced by ₹150 crore under the pre-IPO placement. Accordingly, the revised fresh issue size is up to ₹600 crore.”
What we know about Rashi Peripherals?
Volrado and Kela are the only public shareholders in the company holding a 10.35 per cent stake. The remaining 89.65 per cent of shares are held by promoters. The Choudhary and Pansari-family promoted company will spend ₹326 crore of the fresh issue proceeds for repaying debts. For working capital requirements, it will spend ₹220 crore.
Rashi Peripherals is among the leading national distribution partners for global technology brands in India for information and communications technology (ICT) products. Its revenue from operations grew at a CAGR of 26.32 per cent during FY21-FY23, to ₹9,454.3 crore in the year ended March FY23.
Who are the book managers of Rashi Peripherals IPO?
JM Financial and ICICI Securities are the book-running lead managers to the issue.