Aug 22, 2023

Rishabh Instruments Ltd’s IPO to open on August 30

Ahmedabad: Nashik head quartered Rishabh Instruments Limited, a global energy efficiency solution company, with its corporate office in Nashik, Maharashtra, focused on electrical automation, metering and measurement, precision engineered products and aluminium high pressure die castings with diverse applications across industries including power, automotive and industrial sectors has fixed the price band at Rs 418 to Rs 441 per Equity Share for its initial public offer. The initial public offering (“IPO” or “Offer”) of the Company will open on Wednesday, August 30, 2023, for subscription and closes on Friday, September 01, 2023. Investors can bid for a minimum of 34 Equity Shares and in multiples of 34 Equity Shares thereafter.

The IPO of face value of Rs 10 per Equity Share comprises of fresh issuance of equity shares worth Rs 75 crore and an Offer for Sale (OFS) up to 9.43 million equity shares.

Narendra Joharimal Goliya founded Rishabh Instruments in the year 1982 and has over 4 decades of experience in the electrical and electronic instruments industry. The company supplies a wide range of electrical measurement and process optimization equipment and engages in the design, development, manufacturing, and sale of devices significantly under its own brand across several sectors.

It is a vertically 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. Additionally, through its subsidiary, Lumel Alucast, it manufactures and supplies high pressure die cast aluminum components to the automation and automotive industry mainly in Europe.

According to the F&S report mentioned in the Red Herring Prospectus (“RHP”), the Company is a global leader in the manufacture and supply of analog panel meters and is also one of the leading global manufacturers and suppliers of low voltage current transformers. For meters, controllers, and recorders, Lumel is the most popular brand in Poland, and Lumel Alucast is one of the leading non-ferrous pressure casting players in Europe.

Rishabh Instruments’ revenue from operations increased by 21.11% from Rs 470.25 crore in Fiscal 2022 to Rs 569.54 crore in Fiscal 2023, primarily driven by increase in revenue from sale of goods and from sale of services, whereas profit grew to Rs 49.69 crore in Fiscal 2023, as compared to Rs 49.65 crore in Fiscal 2022.

DAM Capital Advisors Limited, Mirae Asset Capital Markets (India) Private Limited and Motilal Oswal Investment Advisors Limited are the book running lead managers to the Offer and KFin Technologies Limited is the Registrar to the Offer. The Equity Shares are proposed to be listed on the main board platform of the stock exchanges i.e., BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”).