Madhusudan Kela-backed Rashi Peripherals IPO to open on Feb 7, check details

The initial public offering of Rashi Peripherals will open for bidding on Wednesday February 7, 2023 and investors can subscribe to the issue till Friday, February 9, 2023. The company has fixed the price band for the issue in the range of Rs 295-311 apiece and bidders can apply for a minimum of 48 shares and its multiples thereafter.

Rashi Peripherals was incorporated in 1989 and it distributes global technology brands in India. They specialize in products related to ICT or Information and communication technology. The company's service offerings include value-added services such as pre-sales, technical support, marketing services, credit solutions and warranty management services.

The company is looking to raise a total of Rs 600 crore via IPO, which is entirely a fresh share sale. The company, in consultation with BRLMs, undertook a pre-IPO placement of Rs 150 crore on January 17 to Volrado Venture Partners Fund III and Madhuri Madusudan Kela, who were given a total of 48,23,151 equity shares at an issue price of Rs 311 apiece.

The net proceeds from the issue shall be utilized towards prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the company; funding working capital requirements of the company; and general corporate purposes

The company's clients include ASUS Global, Dell International Services India, HP India Sales, Lenovo India, Logitech Asia Pacific, NVIDIA Corporation, Intel Americas, Western Digital (UK), Schneider Electric IT Business India, Eaton Power Quality, ECS Industrial Computer, Belkin Asia Pacific, TPV Technology India, LG Electronics India, and Toshiba Electronic, among others.

For the period ended in September 30, 2023, the company reported a net profit of Rs 72.02 crore with a revenue of Rs 5,473.72 crore. Its net profit came in at Rs 123.34 crore with a revenue of Rs 9,468.95 crore for the financial year ended on March 31, 2023.

Jana SFB has reserved 50 per cent of the net offer for qualified institutional investors (QIBs), while non-institutional investors (NIIs) will have 15 per cent of shares reserved for them. Retail investors will have 35 per cent of the net issue reserved for them.

JM Financial and ICICI Securities are the book running lead managers of the Rashi Peripherals IPO, while Link Intime India is the registrar for the issue. Shares of the company are proposed to be listed at both BSE and NSE with Wednesday, February 14 as the tentative date of listing.

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