Rishabh Instruments raises Rs 147.2 crore ahead of IPO

On August 29, Rishabh Instruments, a manufacturer of test and measurement equipment, raised Rs 147.2 crore through anchor book.

Aditya Birla Sun Life Insurance, HDFC Mutual Fund, Nippon Life, Sundaram Mutual Fund, Bandhan Mutual Fund, Quant Mutual Fund, Tata Multicap Fund, and 3P India Equity Fund I were among the 16 investors who placed investments in the company through the anchor book.

In its filing with exchanges, the Maharashtra-based company stated that it has finalised the distribution of 33,38,656 equity shares to anchor investors at a cost of Rs 441 per share.

"Six mutual funds have applied through a total of 13 schemes in the anchor book," the company said.

Rishabh Instruments will open its Rs 490.78-crore public issue for subscription on August 30, with a price band of Rs 418-441 per share.

The IPO comprises a fresh issuance of shares worth Rs 75 crore by the company, and an offer-for-sale of Rs 415.78 crore by promoters, and investor SACEF Holdings II. The book-built offer will close on September 1, 2023.

Source: Media Reports