Nashik-based Rishabh Instruments Ltd has filed a draft red herring prospectus with the Securities Exchange Board of India to raise funds through initial public offerings.
The IPO consists of a fresh issue of Rs 75 crore and an offer-for-sale of up to 9.42 million shares by its existing shareholders and promoters.
The OFS comprises up to 2.5 million shares by Asha Narendra Goliya, up to 4 lakh shares by Rishabh Narendra Goliya, up to 5.18 lakh shares by Narendra Rishabh Goliya (HUF) and up to 6 million shares by South Asia Clean Energy Fund (SACEF), a South Asia-focused small and medium enterprises (SME) fund managed by Global Environment Fund (GEF).
Dam Capital Advisors Ltd, Mirae Asset Capital Markets India and Motilal Oswal Investment Advisors are the lead managers to the issue.
The company is an integrated player involved in designing, developing, manufacturing and supplying electrical automation devices; metering, control and protection devices; portable test and measuring instruments; and solar string inverters.
In addition, it manufactures and supplies aluminium high pressure die casting through its arm, Lumel Alucast . It has two manufacturing facilities in Nashik and has total installed capacity of 4.19 million units per annum as of March 2022.
The proceeds from the issue worth Rs 59.50 crore will be used to expand its manufacturing facility to build and strengthen core capabilities and to build capacity for manufacturing of electrical automation products, metering, control and protection devices and solar string inverters. according to DRHP.
For FY22, revenue from operations was at Rs 470.25 crore against Rs 389.96 crore a year ago. Net profit for the period was at Rs 49.65 crore verus Rs 35.94 crore last year.