Rashi Peripherals IPO: Madhuri Madhusudan Kela, Volrado Venture acquire ₹150 crore worth shares ahead of IPO

Prior to Rashi Peripherals IPO submitting its red-herring prospectus (RHP) to go public, Madhuri Madhusudan Kela and Volrado Venture Partners Fund has acquired ₹150 crore of shares in the firm, said company's notice to investors on Financial Express (FE).

Volrado Venture Partners Fund-III-Beta received 32,15,434 equity shares valued at ₹100 crore on January 17 at a price of ₹311 per share. Then, Madhuri Madhusudan Kela, the wife of well-known investor Madhusudan Kela, bought 16,07,717 equity shares at the same price, which was worth ₹50 crore.

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“Pursuant to the resolutions of our board and shareholders each dated January 15, 2024, and the share subscription agreement each dated January 17, 2024 entered into by our company with each of,  Volrado Venture Partners Fund III BETA and Madhuri Madhusudan Kela, our company has undertaken a pre-IPO placement of 4,823,151 equity shares aggregating up to ₹150 crore, and pursuant to a board resolution dated January 17, 2024, our board has allotted equity shares as part of the pre-IPO placement,” 

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Prior to filing the RHP with the RoC, the company had said in the Draft Red Herring Prospectus (DRHP) that it had considered of doing a pre-IPO placement of shares valued at ₹150 crore.

“Our company, in consultation with the BRLMs, may consider a Pre-IPO Placement of such number of Specified Securities for cash consideration aggregating up to ₹1,500 million, at its discretion, prior to filing of the RHP with the RoC, ” the company said. 

Rashi Peripherals Ltd, a Mumbai-based information technology (IT) company filed a DRHP with the Securities and Exchange Board of India (SEBI) to raise ₹750 crore through a fresh issue of shares in January 2023. The IPO does not have offer-for-sale component.

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According to a Technopak research that is included in the DRHP, the company is one of the distribution partners for international technology brands.

The company would use the proceeds from its new issuance, totaling ₹400 crore, to pay off all or a portion of certain existing borrowings that it has taken out, as well as for general corporate reasons. ₹200 crore will be used to cover working capital needs.

JM Financial Ltd and ICICI Securities Ltd are the book running lead managers.Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.

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