 "IT products distributor Rashi Peripherals to open Rs 600 cr-IPO on Feb 7")
Rashi Peripherals, an information and communications technology products distributor, is set to float its Rs 600 crore-Initial Public Offering (IPO) on February 7.
The issue will conclude on February 9 and the bidding for anchor investors will open for a day on February 6, according to the Red Herring Prospectus (RHP).
The public issue is a completely fresh issue of equity shares to the tune of Rs 600 crore with no offer-for-sale component.
Of the IPO proceeds, funds worth Rs 326 crore will be utilised for payment of debt and Rs 220 crore for funding working capital requirements and general corporate purposes.
Mumbai-based Rashi Peripherals Ltd caters to brands like ASUS Global Pte. Ltd, Dell International Services India, HP India Sales and Lenovo India.
The company aims to expand its geographic presence in non-metro cities, which includes tier I and tier II cities and other rural geographies which are becoming centres of consumption for ICT products such as personal computers, smartphones, internet devices, and networking devices.
More From This Section
Earlier this month, Rashi Peripherals mobilised Rs 150 crore from institutional investors, such as Volrado Venture Partners Fund and Madhuri Madhusudan Kela, wife of ace investor Madhusudan Kela, in a pre-IPO funding round.
JM Financial and ICICI Securities are the book-running lead managers to the offer. The equity shares are proposed to be listed on BSE and NSE.