Rashi Peripherals Raises Rs 150 Crore in Pre-IPO Round
Jan 19, 2024 16:16
Rashi Peripherals, a technology distributor, has raised Rs 150 crore in a pre-IPO round from institutional investors like Volrado Venture Partners and Madhuri Madhusudan Kela. The company plans to utilize the funds for debt repayment, working capital, and general corporate purposes.
New Delhi, Jan 19 (PTI) Rashi Peripherals, an information and communications technology products distributor, has mobilised Rs 150 crore from institutional investors in a pre-IPO (initial public offer) funding round.
The round saw participation from institutional investors such as Volrado Venture Partners Fund and Madhuri Madhusudan Kela.
In a public notice on Friday, the company said it has undertaken a pre-IPO placement of 48.23 lakh shares at an issue price of Rs 311 apiece.
Of 48.23 lakh shares, Volrado Venture Partners Fund-III-Beta was allocated 32.15 lakh equities on January 17 for Rs 311 each valued at Rs 100 crore.
Madhuri Madhusudan Kela, wife of ace investor Madhusudan Kela, acquired 16.08 lakh equity shares worth Rs 50 crore at the same price.
Rashi Peripherals filed draft papers with capital markets regulator Sebi in January last year to raise funds through an IPO. The proposed maiden public issue is a fresh issue of shares of Rs 750 crore with no offer-for-sale component.
Proceeds from fresh issuance worth Rs 400 crore will be utilised for payment of debt and Rs 200 crore for funding working capital requirements. Besides, a portion will be used for general corporate purposes.
Mumbai-based Rashi Peripherals is a national distributor of information and communications technology products for brands like ASUS Global Pte. Ltd, Dell International Services India, HP India Sales and Lenovo India.
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