September 11, 2023
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Rishabh Instruments IPO Analysis @ Chanakyanipothi.com,
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Listing Review: The scrip listed at Rs 460, quote unimpressive listing, and below the expectation of grey market players
Rishabh Instruments IPO Guidance:
1) IPO size of this main board IPO (Rs.490.78) is at all large.
2) Strong and growing business model.
3) The shares are offered at reasonable/attractive valuations and there is good scope for listing gains.
Must Apply IPO. Huge oversubscription expected and hence chances of allotment will be low.
IPO Live analysis:
Live Analysis in Gujarati @ https://youtu.be/X6hs0g6LceI
Live Analysis in English @ https://youtu.be/BDOe1kHnni4
Rishabh Instruments IPO Grey Market Premium
Premium: Rs.59-60,
Allotted Applications Rs. 1800 
Rishabh Instruments IPO Subscription Status:
On 1 September 2023 @ 5.00 (Day 3) Closed
Review: RII, Weak trend observed on Day3.
QIB: 2225772 Shares 72.54 T
NII(10L+): 1112886 Shares 34.01 T
NII (<10L) 556443 Shares 25.85 T
NII (Total) 1669329 Shares 31.29 T
RII: 3895101 Shares 8.43 T
Total: 7790202 Shares 31.65 T
Rishabh Instruments IPO Promoters
NARENDRA JOHARIMAL GOLIYA
Rishabh Instruments: Company Details
Rishabh Instruments is a global energy efficiency solution company focused on electrical automation, metering and measurement, precision engineered products, et al. with diverse applications across industries including power, automotive and industrial sectors. It supplies a wide range of electrical measurement and process optimization equipment, and is engaged in designing, developing and manufacturing, and sale of devices significantly under its own brand across several sectors. It provides comprehensive solutions to its customers looking for cost-effective ways to measure, control, record, analyse and optimise energy and processes through its array of products. It also provides complete aluminium high pressure die casting solutions for customers requiring close tolerance fabrication (such as automotive compressor manufacturers and automation high precision flow meters manufacturers), machining and finishing of precision components. The Company is a global leader in manufacturing and supply of analog panel meters, and it is among the leading global companies in terms of manufacturing and supply of low voltage current transformers. Lumel is the most popular brand in Poland for meters, controllers, and recorders and Lumel Alucast is one of the leading non-ferrous pressure casting players in Europe.
It is a vertically integrated player involved in designing, developing, manufacturing and supplying (a) electrical automation devices; (b) metering, control and protection devices; (c) portable test and measuring instruments; and (d) solar string inverters. In addition, it manufactures and supplies aluminium high pressure die casting through its Subsidiary, Lumel Alucast. It also provides certain manufacturing services which include mould design and manufacturing, EMI/EMC testing services, Electronic Manufacturing Services, and software solutions (e.g., MARC).
Electrical automation products include energy management software, transducers and isolators, paperless recorders (chartless) and dataloggers, temperature and humidity recorders, I/O converters and temperature controllers among others. Its metering, control and protection devices consist of analog panel meters, rotary cam switches, current transformers, shunts, digital panel meters, multifunction meters, multi-load monitoring meters. For more information, click www.rishabh.co.in
Objects of the IPO
The Company proposes to utilize the Net Proceeds towards funding the Financing the cost towards expansion of Nashik Manufacturing Facility I.
| Rishabh Instruments IPO Details | |
| IPO opens on | 30 August ,2023 |
| IPO closes on | 1 Sept ,2023 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 11128858 Sh /Rs 490.78 Cr |
| * Fresh Issue | 1700680 Sh /Rs 75 Cr |
| * Offer for Sale | 94,28,178 Sh /Rs 415.78 Cr |
| Face Value per share: | Rs. 10 |
| Price Band | Rs. 418-441 |
| Employee discount | Rs. (?) per share |
| Retail Lot Size | 34 Shares |
| Listing will at | BSE, NSE |
| Shares offered to | Shares | Rs. |
| QIB (50 %) | 5564429 | 245.39 Cr |
| NII (15 %) | 1669329 | 73.62 Cr |
| RII (35 %) | 3895100 | 171.77 Cr |
| Employees | 0 | 0 Cr |
| Total Shares | 11128858 | 490.78 |
| Retail portion will be oversubscribed by | 114562 Forms | |
| How much Shares to Apply? | Rs. | |
| Min Retail Application | 34 Shares | 14994 |
| Max Retail Application | 442 Sh | 194922 |
| Small HNI (Min) application | 476 Sh | 209916 |
| Small HNI (Max) application | 2244 Sh | 989604 |
| Big HNI Application | 2278 Sh | 1004598 |
| Rishabh Instruments IPO Tentative timetable | |
| IPO opens on. | 30 August ,2023 |
| IPO Closes on | 1 Sept ,2023 |
| IPO Allotment on | 6 Sept ,2023 |
| Refund Initiation | 7 Sept ,2023 |
| Credit of Shares | 8 Sept ,2023 |
| Listing on | 11 Sept ,2023 |
| Registered Office of Rishabh Instruments | |
| A-54, MIDC, Opposite MIDC Bus Depot, Andheri (East) Mumbai 400 093, Maharashtra, India | |
| IPO Lead Managers DAM Capital Advisors, Mirae Asset Capital Markets, Motilal Oswal Investment Advisors, |
|
| Registrar to IPO | |
| KFin Technologies Limited |
| Rishabh Instruments IPO Financial & Analytical Ratios | ||||
| Year | Total Income | Net Profit | EPS | RoNW |
| Rs.in Cr | Rs.in Cr | Rs. | % | |
| 2020-21 | 389.96 | 31.55 | 9.32 | 11.61 |
| 2021-22 | 470.25 | 35.94 | 12.91 | 13.82 |
| 2022-23 | 569.54 | 49.65 | 12.84 | 11.67 |
| Book Value of the Share on | 31.03.2023 | Rs.109.98 | ||
| Book Value of the Share | after the IPO | Rs. 125.40 | ||
| Offer Price | Rs. 441 | |||
| Ratio Analysis | |
| Upper Price Band/last EPS | 34.35 |
| Upper offer price/Book Value Ratio | 4.01 |
| Upper offer price/BV after IPO Ratio | 3.52 |
Rishabh Instruments, Peer Comparison
There are no comparable listed companies in India or globally that engage in a business similar to that of this Company. Accordingly, it is not possible to provide an industry comparison in relation to the Company.
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