Rishabh Instruments makes a tepid D-St debut; lists at a premium of 4% at Rs 460

Shares of Rishabh Instruments made a strong debut at Dalal Street on Monday as the test and measuring instruments maker was listed at Rs 460.05 on the National Stock Exchange, a premium of 4 per cent over its issue price of Rs 441. Similarly, the stock was listed at a similar premium at Rs 460 on the BSE.

The listing has been muted than the expectations as Rishabh Instruments was commanding a grey market premium (GMP) of 60-65 per share over its given issue price day before its listing, The premium for counter in the unofficial market has remained largely stable, hinting towards a mild listing pop for around 15 per cent the investors.

The IPO of Rishabh Instruments was open between August 30 and September 1. The company sold in the range of Rs 448-441 apiece with a lot size of 34 shares to mop-up 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.

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.

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 to the issue.


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