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- The stock listed at ₹335 on Wednesday morning as compared to listing price of ₹311.
- The company’s market cap is at ₹2,207 crore as per Bombay Stock Exchange.
- The grey market was expecting 19% listing gains from the stock.
Hardware distributor Rashi Peripherals debuted on the bourses with a 7.7% premium on Wednesday. It disappointed the grey market which was expecting 19% listing gains from the stock.
The stock listed at ₹335 as compared to its listing price of ₹311. The company’s market cap is at ₹2,207 crore as per Bombay Stock Exchange.
The ₹600 crore issue was subscribed 62 times the shares on offer. It raised ₹180 crore from anchor investors like ICICI Prudential, Aditya Birla Sun Life Insurance, SBI General Insurance and more; ahead of opening the issue to the public.
The listing performance of 2024’s market debuts have been mixed due volatile market conditions. However, the last two listings like BLS E-Services and Nova Agritech have provided good gains to investors.
Here are the listing gains of the last few market debuts
| Company | Listing gains |
| Apeejay Surrendra Parks | 31% |
| BLS E-Services | 129% |
| Nova Agritech | 39% |
| EPACK Durable | -10% |
| Jyoti CNC | 30% |
| Innova Captab | 21% |
Its initial public offer is entirely a fresh issue, using which it intends to pay off loans, towards working capital and general corporate purposes.
The Mumbai-based company distributes over 10,500 types of tech products. It has branches in 50 cities that operate as sales and service centres and warehouses. They cover 680 locations across 28 states and union territories in India through an ecosystem of 8,407 customers, as of September 30, 2023. It’s also the distribution partner of 52 global brands including Dell, Asus, HP, Logitech and more.
With a wide footprint as well as a wide product range, Rashi has been able to garner a chunky market share as a pan-India distributor of technology products. It has over 45% market share in processors, graphics cards and pen drives; over 20% market share in routers (33%), hard drivers, keyboards and mice, monitors; and over 10% share in UPS, laptops, desktops and switches.
Its revenue from operations grew 57% in FY23, and profit 35%. But it raked up debt to the tune of ₹1,275 crore, as of September 2022, including unsecured loans to the tune of ₹19 crore from promoters and members of promoter group and others.
The IPO proceeds can help cushion some of it, believe analysts. “Utilization of IPO proceeds would lower the financial liabilities, whereas availability of working capital would boost the business expansion capabilities in the medium-term,” says Choice Broking.