Rashi Peripherals IPO Opens Today, Garners Rs 180 Cr From Anchor Investors

New Delhi: Information and communications technology products distributor Rashi Peripherals on Tuesday mobilised Rs 180 crore from anchor investors ahead of its initial public offering.

The company has allocated 57.88 lakh equity shares to 18 funds at Rs 311 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE's website.

Foreign and domestic institutions who participated in the anchor bidding were White Oak Capital, Ashoka India, ICICI Prudential Mutual Fund, Volrado Venture Partners Fund and Bajaj Alliance Life Insurance Company.

Aditya Birla Sun Life Insurance Company, SBI General Insurance Company, Singularity Growth Opportunity Fund and Authum Investment and Infrastructure Ltd also participated in the bidding round.

Out of the total allocation of 57.88 lakh equity shares, 19.61 lakh equity shares were allocated to three domestic mutual funds through a total of 8 schemes amounting to Rs 61 crore.

The IPO is completely a fresh issue of equity shares to the tune of Rs 600 crore.

The issue, with a price band of Rs 295-311 apiece, will be open for public subscription on February 7 and conclude on February 9.

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.

Last month, Rashi Peripherals raised Rs 150 crore from institutional investors 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.