Rashi Peripherals has submitted preliminary papers with the capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 750 crore through an Initial Public Offering (IPO). According to the Draft Red Herring Prospectus (DRHP), the public issue is a completely fresh issue of shares with no offer-for-sale component.
For up to Rs 150 crore the company might consider a private placement of equity shares. If such placement is completed, the fresh issue size will be reduced.
Out of the fund that will be collected from the IPO, Rs 400 will be used for payment of debt and Rs 200 crore for funding working capital requirements and general corporate purposes.
The company aims to expand its geographic presence in non-metro cities which includes Tier I and Tier II cities and other rural geographies which are becoming centre of consumptions for ICT products such as personal computers, smartphones, internet devices, networking devices.
The company’s revenue from operations surged 57.19 percent from Rs 5,925.05 crore in fiscal 2021 to Rs 9,313.44 crore in fiscal 2022, while its profit after tax grew 33.85 percent to Rs 182.51 crore from Rs 136.35 crore a year ago.
JM Financial and ICICI Securities are the book running lead managers to the offer. The equity shares are proposed to be listed on BSE and NSE.
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