Muted Debut: Rashi Peripherals shares list at 9% premium to IPO price

Shares of information and communications technology products distributor Rashi Peripherals on Wednesday made a muted debut on Dalal Street today i.e. February 14. The stock got listed at Rs 339.50 on NSE, a premium of 9.16 per cent to its issue price of Rs 311. Meanwhile, on BSE, the stock jumped 7.72 per cent from its issue price to list at Rs 335.

The rise in the counter assumes significance as the 30-share BSE Sensex benchmark was trading lower by 413.84 points or 0.58 per cent to 71,141.35 points, while NSE Nifty slipped 0.37 per cent to 21,663.15 points.

On February 9, the initial public offering (IPO) of Rashi Peripherals got subscribed 59.71 times on the final day of subscription.

According to Zee Business Managing Editor Anil Singhvi, long-term investors can hold and short-term investors can hold shares of Rashi Peripherals with stoploss of Rs 325.

The IPO of up to Rs 600 crore had a price range of Rs 295-311 a share and is completely a fresh issue of equity shares.
Out 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.

With PTI Inputs