Rashi Peripherals gets Sebi nod for Rs 750 crore IPO

The company had filed preliminary IPO papers with Sebi on January 18, 2023.

Mumbai-based Rashi Peripherals Ltd among the leading value-added 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 2022 has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise Rs 750 crore through an initial public offering (IPO).

The company had filed preliminary IPO papers with Sebi on January 18, 2023.

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The public issue with a face value of Rs 5 per equity share is a complete fresh issue of shares of Rs 750 crore with no offer-for sale component.

The Offer is being made through the Book Building Process, wherein not more than 50% of the Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Offer shall be available for allocation to Retail Individual Bidders.

The company, in consultation with the lead bankers to the issue, may consider a private placement of equity shares for cash consideration aggregating up to Rs 150 crore. If such placement is completed, the fresh issue size will be reduced.

The proceeds from its fresh issuance, Rs. 400 crore will be utilised for prepayment or scheduled re-payment of all or a portion of certain outstanding borrowings availed by the Company, Rs 200 crore for funding working capital requirements and general corporate purposes.