Today marked the meek debut of Rashi Peripherals’ share price on the exchanges. Rashi Peripherals’ share price was 9.16% higher on the NSE at ₹339.50 per share than the issue price of ₹311. Rashi Peripherals’ share price was 7.72% higher than the issue price today, trading at ₹335 on the BSE.
Analysts predicted that the share price of Rashi Peripherals would list between ₹371 and ₹381 per share.
According to BSE data, the Rashi Peripherals IPO subscription status on the third day was 59.71 times. The Rashi Peripherals IPO subscription numbers on the final day were led by non-institutional investors (NII). The NII portion has been subscribed 62.75 times, with retail investors booking 10.44 times in second place.
The subscription period for the Rashi Peripherals IPO began on Wednesday, February 07, and ended on Friday, February 09. The price band for the Rashi IPO was set at ₹295 to ₹311 for each equity share with a face value of ₹5. On Tuesday, February 6, the Rashi Peripherals IPO raised ₹180 crores from anchor investors. 48 equity shares made up the Rashi Peripherals IPO lot, and additional lots of 48 equity shares were issued subsequently.
A minimum of 15% of the shares in the Rashi Peripherals IPO were set aside for Non Institutional Investors (NII), a minimum of 50% of the shares for Qualified Institutional Buyers (QIB), and a minimum of 35% of the offer was set aside for Retail Investors.
Details of the Rashi Peripherals IPO
According to the Red Herring Prospectus (RHP), the ₹600 crore Rashi Peripherals IPO is a fully new issue of 1.93 crore equity shares; it does not include an offer for sale (OFS) component.
The company plans to finance the following objectives with the net proceeds of the offer: financing the company’s working capital needs and general corporate purposes; prepaying or scheduledly repaying all or a portion of the company’s current borrowings.
JM Financial Limited and ICICI Securities Limited are the book running lead managers for the Rashi Peripherals IPO, while Link Intime India Private Ltd is the registrar.
Today’s Rashi Peripherals IPO GMP
The grey market premium, or Rashi IPO GMP, is +43. According to investorgain.com, this shows that the price of Rashi Peripherals shares were trading at a premium of ₹43 in the grey market.
Rashi Peripherals’ estimated listing price was ₹354 per share, 13.83% more than the IPO price of ₹311, taking into account the upper end of the IPO price band and the current premium in the grey market.
Grey market activity over the last 19 sessions indicates that the IPO GMP is trending upward and that a strong listing is anticipated. According to analysts at investorgain.com, the lowest GMP is ₹0, and the highest GMP is ₹85.
A “grey market premium” denotes the willingness of investors to part with more money than the issue price.
