Rashi Peripherals IPO subscribed 3.19 times on Day 2

The Initial Public Offering of Rashi Peripherals Limited was subscribed 3.19 times on the second day of bidding.

The issue received bids of 4,54,43,088 shares against the offered 1,42,37,289 equity shares, at a price band of ₹295-311, according to the data available on the stock exchanges.

Non-Institutional Investors Portion was subscribed with 5.88 times, Retail Portion was subscribed with 3.46 times, whereas Qualified Institutional Buyer Portion subscribed 0.72 times. The issue kicked off for subscription on Wednesday, February 07, 2023 and will close on Friday, February 09, 2023.

A day prior to the opening of the issue, Rashi Peripherals Ltd had raised Rs 180 crores from anchor investors. Foreign and Domestic Institutions who participated in the anchor were White Oak Capital, Ashoka India, ICICI Prudential, Volrado Ventures, Bajaj Alliance Life Insurance, Aditya Birla Sun Life Insurance, SBI General Insurance, BCAD, Singularity Growth Opportunity Fund and Authum Investments.

Leading brokerages like Anand Rathi, SBI Securities, BP Equities, Choice Equity, Hensex Securities, StoxBox, Indsec Securities, Sushil Finance, Swastika Investmart, and Ventura Securities, have given a "SUBSCRIBE" rating to the issue, with an emphasis on the company's steady financial performance, growth prospects, and favourable industry trends. Despite considerations of competitive environments and fair pricing, the prevailing recommendation aligns towards subscribing to capitalize on the IPO's opportunities for both listing gains and long-term investment.

JM Financial Limited and ICICI Securities Limited are the book running lead managers to the Offer.

Source : Equity Bulls

Keywords

RashiPeripherals FundRaising IPO OverSubscription Day2