Rashi Peripherals Stock Debuts at 9% Premium

New Delhi, Feb 14 (PTI) Shares of information and communications technology products distributor Rashi Peripherals on Wednesday listed with a premium of over 9 per cent against the issue price of Rs 311 per share.

The stock of the company started the trade at Rs 339.50 apiece, marking a 9.16 per cent premium over the issue price of Rs 311.

On the BSE, it started trade at Rs 335, up by 7.72 per cent from the issue price.

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.

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.