Shares of Rashi Peripherals were currently trading at Rs 326.40 at 10:35 IST on the BSE, representing a premium of 4.95% as compared with the issue price of Rs 311.
The scrip was listed at Rs 335, exhibiting a premium of 7.72% to the issue price. So far, the stock has hit a high of 342.50 and a low of 320.05. On the BSE, over 10.32 lakh shares of the company were traded in the counter so far.The initial public offer (IPO) of Rashi Peripherals was subscribed 59.71 times. The issue opened for bidding on 7 February 2024 and it closed on 9 February 2024. The price band of the IPO was fixed at Rs 295-311 per share.
The offer comprised only fresh issue of equity shares of Rs 600 crore. Out of the proceeds from the fresh issue, Rs 326 crore will be used for prepayment or scheduled re-payment of all, or a portion, of certain outstanding borrowings availed by the company, Rs 220 crore to meet its working capital requirements and the balance towards any other general corporate purpose.
Rashi Peripherals (RP Tech) is the fourth largest player in the distribution business of information and communications technology (ICT) products and services in India.
RP Tech has 50 branches operating as sales and as service centers and 63 warehouses covering 680 locations in India through an ecosystem of 8,402 channel partners for 10,508 stock keeping units as of 30 September 2023. The companys distribution network is for more than 30 years.
The firm reported a net profit of Rs 72.02 crore and net sales of Rs 5,468.51 crore for the six months ended on 30 September 2023.
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