Rishabh Instruments IPO allotment: Check your application status and latest GMP

Rishabh Instruments has declared the basis of allotment of its shares, and the grey market premium for the listing bounder firm has seen some correction. The primary offering of the test and measuring instruments maker had received a strong response from the investors during the bidding process.

The IPO of Rishabh Instruments was open between August 30 and September 1. The company sold in the range of Rs 448-441 apiece with a lot size of 34 shares to mop-up Rs 491-crore from its initial public offering, including a fresh share sale of Rs 75 crore and offer-for-sale (OFS) of 415.78 crore.
 

The issue was overall subscribed 31.65 times as the portion for qualified institutional bidders (QIBs) was booked 72.54 times, while the non-institutional investors' category was subscribed 31.29 times. The quota reserved for retail investors was subscribed 8.44 times during the three-day bidding process.

Grey market premium (GMP) of Rishabh Instruments has seen some correction after the announcements of allotment status. Last heard, the company was commanding a premium of Rs 63 per share, suggesting a listing pop of 15 per cent for the investors. However, it was around Rs 70-75 on Wednesday, before the allotment was announced.

Incorporated in 1982, Rishabh Instruments is engaged in the business of manufacturing, design, and development of test and measuring instruments and industrial control products. The company provides cost-effective solutions to measure, control, record, analyze, and optimize energy and processes through an array of products.

Majority of the brokerage firms are positive on the issue citing the niche products, global presence, rising industrialization, strong return ratio and robust balance sheet. However, a few have suggested to give it a skip on the back of expensive valuations and dependence on exports amid sluggish macroeconomic outlook.

Dam Capital Advisors, Motilal Oswal Investment Advisors and Mirae Asset Capital Markets (India) were the lead managers to the issue, while Kfin Technologies was appointed as the registrar to the issue. Shares of the company will be listed on both BSE and NSE.

Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Rishabh Instruments Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit

Investors can also check the allotment status on the online portal of Kfin Technologies Limited

 (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus.

The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries after the issue is completed.

1) Go to the web portal of KFin Technologies Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.
 

Bidders who could not get allotment in the IPO may see the initialization of refunds on Thursday, September 7. Others, who would be allotted shares may see the credit of shares, in the Demat accounts by Friday, September 8. The listing of the IPO is likely on Monday, September 11.

Also read: TCS shares in focus as Tata group firm bags $1 billion deal from Tata Motors arm JLR

Also read: Bharti Airtel, Indian Hotels, ITI: Trading strategy for these buzzing stocks