In order to raise money through an initial public offering (IPO), Rishabh Instruments Limited, a global energy efficiency solution provider that specializes in electrical automation, metering, and measurement, precision engineered products with a range of applications in the power, automotive, and industrial sectors, has filed its Draft Red Herring Prospectus (DRHP) with the markets regulator, Securities, and Exchange Board of India (SEBI) (IPO).
The public offering, which has an equity share face value of Rs. 10, consists of a fresh equity share issue of up to Rs. 75 crores and an offer-for-sale (OFS) of up to Rs. 9,417,500 by the promoter and selling shareholders, which includes up to Rs. 25,00,000 in equity shares from Asha Narendra Goliya, up to Rs. 4,00,000 in equity shares from Rishabh Narendra Goliya, up to Rs. 5,17
Through its affiliate, SACEF, South Asia Clean Energy Firm, a clean energy private equity fund with a concentration on India, bought a 19.90 percent investment in Rishabh Instruments in September 2013 on a fully diluted basis.
The Offer is being made through the Book Building Process, in which not less than 15% of the Offer will be available for allocation to Non-Institutional Investors, not less than 35% of the Offer will be available for allocation to Retail Individual Investors, and not more than 50% of the Offer will be available for allocation to Qualified Institutional Buyers.
The business may think of placing Rs 15 crore in pre-IPO after consulting with the issue’s lead bankers. The issue size will be lowered in line with the success of the such placement.
The new issuance’s proceeds, which total Rs 59.50 crores, will be utilized to fund the development of the Nashik Manufacturing Facility as well as basic business needs.
The book-running lead managers for the issue are DAM Capital Advisors Limited, Mirae Asset Capital Markets (India) Private Limited, and Motilal Oswal Investment Advisors Limited, while KFin Technologies Limited is the registrar.