Rishabh Instruments IPO allotment: Here's how to check your application status and GMP
Incorporated in 1982, Rishabh Instruments is engaged in the business of manufacturing, design, and development of test and measuring instruments and industrial control products.
- Sep 5, 2023,
- Updated Sep 5, 2023 1:00 PM IST
Rishabh Instruments is likely to finalize the basis of allotment of its shares on Wednesday, September 6. The primary offering of the shadow lender had received a strong response from the investors during the bidding process and was overall subscribed about 32 times. The IPO of Rishabh Instruments was sold in the range of Rs 448-441 apiece with a lot size of 34 shares between August 31 and September 1. The company aimed to raise 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 risen since the closure of the issue. Last heard, the company was commanding a premium of Rs 66 per share, suggesting a listing pop of 15 per cent for the investors. However, it was around Rs 45-50 as when the issue closed for the bidding. 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. Shares of the company will be listed on both BSE and NSE.
Investors, who had bid for the issue and have not checked their application status, can check the allotment status on the Bombay Stock Exchange (BSE) website, which is https://www.bseindia.com/investors/appli_check.aspx. They can check Equity as issue type and select the company name to proceed. One needs to only add application numbers and the PAN card ID before checking 'I am not a Robot' and hitting 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. Select the company name from all options, if the allotment is finalized. Fill either application number, demat Account number, or PAN ID and the captcha accurately, before hitting submit. 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. It 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. Bidders who could not get allotment in the IPO may see the initialisation 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: Hot stocks on September 5, 2023: Jio Financial, YES Bank, Raymond, MMTC and more
Rishabh Instruments is likely to finalize the basis of allotment of its shares on Wednesday, September 6. The primary offering of the shadow lender had received a strong response from the investors during the bidding process and was overall subscribed about 32 times. The IPO of Rishabh Instruments was sold in the range of Rs 448-441 apiece with a lot size of 34 shares between August 31 and September 1. The company aimed to raise 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 risen since the closure of the issue. Last heard, the company was commanding a premium of Rs 66 per share, suggesting a listing pop of 15 per cent for the investors. However, it was around Rs 45-50 as when the issue closed for the bidding. 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. Shares of the company will be listed on both BSE and NSE.
Investors, who had bid for the issue and have not checked their application status, can check the allotment status on the Bombay Stock Exchange (BSE) website, which is https://www.bseindia.com/investors/appli_check.aspx. They can check Equity as issue type and select the company name to proceed. One needs to only add application numbers and the PAN card ID before checking 'I am not a Robot' and hitting 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. Select the company name from all options, if the allotment is finalized. Fill either application number, demat Account number, or PAN ID and the captcha accurately, before hitting submit. 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. It 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. Bidders who could not get allotment in the IPO may see the initialisation 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: Hot stocks on September 5, 2023: Jio Financial, YES Bank, Raymond, MMTC and more