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Rashi Peripherals Ltd to launch Rs 6,000 million IPO on Feb 7
Rashi Peripherals
Photo Courtesy: Pixabay

Rashi Peripherals Ltd to launch Rs 6,000 million IPO on Feb 7

| @indiablooms | 03 Feb 2024, 03:17 am

Mumbai: Rashi Peripherals Ltd is set to launch Rs 6,000 million initial public offer (IPO) on February 7.

The company is among the leading national distribution partners for global technology brands in India for information and communications technology (ICT) products in terms of revenues and distribution network in Fiscal 2023, according to a press release.

A price band of  Rs 295 to Rs 311 per Equity Share has been set for the IPO.

The subscription will close on Friday, February 9, 2024.

Investors can bid for a minimum of 48 Equity Shares and in multiples of 48 Equity Shares thereafter.

“The issue is entirely a fresh issue of Equity Shares aggregating to Rs 6,000 million with no offer for sale component,” said the press release.

Out of the net proceeds from the fresh issue, an amount up to Rs 3,260 million will be used for prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the company, up to Rs 2,200 million will be for funding working capital requirements of the Company and the balance amount from the net proceeds will be utilised for general corporate purposes.

As of September 30, 2023, it is a national distribution partner for 52 global technology brands.

The Mumbai-based company has a pan-India distribution network comprising 50 branches that operate for sales and as service centers and 63 warehouses, covering 680 locations in India, as of September 30, 2023.

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

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