Rashi Peripherals Limited has filed its Draft Red Herring Prospectus (DRHP) with the markets regulator Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO).
Mumbai-based Rashi Peripherals is a value-added national distribution partners for global technology brands in India for information and communications technology (ICT) products. The IT solutions provider is also known as RPTech.
Rashi Peripherals is looking to raise Rs 750 crore via its primary stake sale, which is completely a fresh issue. The company, in consultation with the lead bankers to the issue, may consider a private placement of equity shares for cash consideration aggregating up to Rs 150 crore.
The net proceeds from the issue will be utilized towards prepayment/re-payment of certain outstanding availed by the company, funding working capital requirements and general corporate purposes.
Rashi Peripherals was incorporated in 1989. It offers end-to-end value-added services such as pre-sale activities, solutions design, technical support, marketing services, credit solutions and warranty management services. It has a pan-India distribution network comprises 50 branches that operate for sales and as service centers and 62 warehouses, covering 730 locations in India, as of September 30, 2022.
Rashi Peripherals distributes products for global technology brands such as ASUS Global, Dell International Services India, HP India Sales, Lenovo India, Logitech Asia Pacific, NVIDIA Corporation, Intel Americas,., Western Digital (UK), Schneider Electric IT business India, Eaton Power Quality, ECS Industrial Computer, Belkin Asia Pacific, TPV Technology India, LG Electronics India, Toshiba Electronic Components, among others.
Rashi Peripherals reported a net profit at Rs 182.51 crore for the year ended on March 31, 2022, 34 per cent higher than net profit at Rs 136.35 crore in the previous fiscal. It reported a revenue from operations grew 57 per cent Rs 9,313.44 crore for FY22, which was Rs 5,925.05 crore in FY21.
For the six months ended September 30, 2022, it clocked a revenue from operations Rs 5,023.81 crore and a profit after tax stood at Rs 67.38 crore.
Qualified institutional bidders (QIBs) will get 50 per cent of the offer, whereas non-institutional investor’s quota is fixed at 15 per cent of the offer. Retail bidders will get remaining 35 per cent shares. JM Financial and ICICI Securities are the book running lead managers and Link Intime India is the registrar to the offer.
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