Rashi Peripherals | Business Upturn

Rashi Peripherals stock lists at 9% premium

Aditya Bhagchandani — Wed, 14 Feb 2024 04:37:36 +0000

On February 14, Rashi Peripherals marked its entry into the stock market with a solid debut, listing at a notable premium over its initial public offering (IPO) price. The stock opened at Rs 339.5 on the National Stock Exchange and Rs 335 on the BSE, representing a 9.16% premium over the issue price of Rs 311.

Before its official listing, Rashi Peripherals’ stock was trading at a 13% premium in the grey market, an informal platform where stocks are traded prior to their IPO allotment, often used to gauge the expected listing price.

The Rs 600-crore IPO garnered significant interest from investors, with the subscription reaching 59.71 times the offer size. Qualified institutional buyers led the subscription, oversubscribing their quota by 143.66 times, followed by non-institutional investors at 62.75 times, and retail investors at 10.44 times.

The IPO comprised entirely of fresh issue shares, totaling 1.93 crore shares. Prior to the IPO, Volrado Venture Partners Fund-III-BETA and well-known investor Madhuri Madhusudan Kela, wife of ace investor Madhusudan Kela, invested Rs 100 crore and Rs 50 crore, respectively, through pre-IPO placements. The price band for the IPO was set at Rs 295-311 per share.

Proceeds from the IPO will be utilized primarily to repay loans amounting to Rs 326 crore and meet working capital requirements of Rs 220 crore. The remaining funds will be allocated towards general corporate purposes.

In terms of financial performance, Rashi Peripherals reported a net profit of Rs 72 crore for the six months ended September FY24, marking a 6.9% increase year-on-year. During the same period, revenue stood at Rs 5,468.5 crore, reflecting an 8.8% growth over the previous year. As of November 30, 2023, the company’s consolidated outstanding borrowings amounted to Rs 1,569.36 crore, with a debt-to-equity ratio of 1.82 times.

Rashi Peripherals serves as a national distribution partner for leading global technology brands in India, specializing in information and communication technology (ICT) products. The company operates primarily in two business verticals: Personal Computing, Enterprise, and Cloud Solutions (PES), and Lifestyle and IT Essentials (LIT).

Stock Market 14 Feb, Today: Focus on new listings, 3 IPOs to track today

News Desk — Wed, 14 Feb 2024 03:29:46 +0000

Three eagerly anticipated IPOs will make their debut on the stock exchanges today. Here are the key details for each:

Jana Small Finance Bank
Issue Price: Rs 414 per share
IPO Size: Rs 570 crore
Subscription: 18.5 times
Bids Led By: Institutional, non-institutional, retail investors and employees

Capital Small Finance Bank
Issue Price: Rs 468 per share
IPO Size: Rs 523.07 crore
Subscription: 4.00 times
Bids Led By: Institutional, non-institutional and retail investors

Rashi Peripherals
Issue Price: Rs 311 per share
IPO Size: Rs 600 crore
Subscription: 59.71 times
Bids Led By: Institutional, non-institutional and retail investors

The shares of all three companies are anticipated to see high trading volumes today as investors keenly track their market debut. The information provided is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making investment decisions.

Stocks To Watch Today: Zee Entertainment, BEL, IRCTC, Eris Lifesciences, Jana Small Finance Bank, Capital Small Finance Bank, Rashi Peripherals

Markets Desk — Wed, 14 Feb 2024 00:58:29 +0000

The US markets ended with sharp cuts overnight after the hotter than expected CPI inflation spooked the sentiment. Indian markets are also likely to take cues from the global markets and are expected to open lower. Back home on Tuesday, both Sensex and Nifty ended the session saw a sharp recovery and ended near the day’s high.

Top stocks to watch today are Zee Entertainment, BEL, IRCTC, Eris Lifesciences, Jana Small Finance Bank, Capital Small Finance Bank, Rashi Peripherals.

Zee Entertainment: Zee Entertainment witnessed a significant surge in profit during the December quarter of FY24, reporting a 140 percent increase compared to the same period last year. The company’s profit stood at Rs 58.5 crore, rising from Rs 24.32 crore in Q3FY23.

BEL: Shares of BEL will be in focus as the company bagged an order worth Rs 2,167.5 crore from Indian Navy for indigenously designed and developed EW suite. The electronic warfare suite, conceptualized and developed domestically, epitomizes BEL’s dedication to fostering self-reliance and innovation within India’s defense ecosystem.

IRCTC: IRCTC posted a 17.4% growth in its net profit to Rs 300 crore against Rs 255.52 crore reported in the same period a year ago. The company’s overall revenue grew 21.8% YoY to Rs 1118.3 crore, while its ticketing revenue surged 11.4% YoY to Rs 335.3 crore.

Eris Lifesciences: Eris Lifesciences’ Q3 revenue grew 13% on a YoY basis to Rs 486.3 crore against Rs 423.3 crore in the same period a year ago. The company also announced the acquisition of a 51 percent equity stake in Swiss Parenterals for Rs 637.50 crore.

Jana Small Finance Bank, Capital Small Finance Bank and Rashi Peripherals will also be in focus as the three companies will list on the exchanges today. The grey market premium for all three companies has declined significantly amid volatile market conditions and could play a spoilsport for the debutants.

Rashi Peripherals’ Rs 600 crore IPO subscribed fully on Day 1 itself

Markets Desk — Wed, 07 Feb 2024 12:09:11 +0000

The Initial Public Offering (IPO) of Rashi Peripherals Limited was fully subscribed on the first day of bidding led by NII and Retail investors. The issue received bids of 1,54,57,104 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. Overall, the issue was subscribed 1.09 times.

Non-Institutional Investors Portion was subscribed with 1.87 times, Retail Portion was subscribed with 1.36 times, whereas the Qualified Institutional Buyer Portion subscribed 0.01 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.

Rashi Peripherals gets Sebi nod for Rs 750 crore IPO

Markets Desk — Wed, 05 Apr 2023 13:19:34 +0000

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.

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.