New Delhi, Sep 1 (PTI) The Initial Public Offering (IPO) of global energy efficiency solution company Rishabh Instruments was subscribed 31.65 times driven by heavy demand from institutional buyers on the last day of bidding on Friday.

The IPO received bids for 24,65,71,162 shares against 77,90,202 on offer, as per the NSE data.

Also Read | Income Tax Deadlines in September 2023: Know Last Dates For Important IT-Related Works.

The category for Qualified Institutional Buyers (QIBs) received a whopping 72.54 times subscription, while the quota for non-institutional investors got subscribed 31.29 times and Retail Individual Investors (RIIs) 8.44 times.

The IPO comprises a fresh issue of equity shares aggregating up to Rs 75 crore and an Offer For Sale (OFS) of up to 94.3 lakh equity shares by its promoter group shareholders and an existing investor.

Also Read | Important Deadlines in September 2023: From Free Aadhaar Update to Rs 2,000 Note Exchange, Check Last Date to Complete Personal Financial Works.

The company has fixed a price band for the IPO at Rs 418-441 per share.

On Tuesday, the company said it raised Rs 147.23 crore from anchor investors.

Proceeds from the issue worth Rs 59.50 crore will be used towards financing the expansion of its manufacturing facility in Nashik and for general corporate purposes.

The company's equity shares will be listed on the BSE and the NSE.

DAM Capital Advisors, Mirae Asset Capital Markets (India), and Motilal Oswal Investment Advisors Ltd are the book-running lead managers to the issue.

The Nashik-based firm is focused on electrical automation, metering and measurement, precision-engineered products with diverse applications across industries, including power and automotive sectors.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)