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The initial public offer (IPO) of Rikhav Securities received bids for 2,11,37,16,800 shares as against 74,08,000 shares on offer. The issue was subscribed 285.33 times. Retail investors bid for 86,66,76,800 shares, non-institutional investors bid for 91,28,56,000 shares, qualified institutional investors bid for 33,41,84,000 shares. The issue opened for bidding on 15 January 2025 and it closed on 17 January 2025. The price band of the IPO was set at Rs 82 to Rs 86 per share. The equity shares will list on BSE's SME platform. The issue size comprised fresh issue of 54,08,000 and offer for sale (OFS) of 20,00,000 shares by existing promoters. The promoter and promoter group shareholding diluted to 65.63% from 90.55% pre-issue. The company intends to utilize the net proceeds to meet funding the incremental working capital requirement, funding of capital expenditure requirements of the company towards purchase of IT software, computers and laptops and general corporate purpose. Ahead of the Rikhav Securities on 14 January 2024, raised Rs 25.11 crore from anchor investors. The board allotted 29.20 lakh shares at Rs 86 per share to 15 anchor investors. Rikhav Securities (RSL) is a full-service financial services firm offering a comprehensive suite of services including equity broking, investment advisory, and trading across various segments like cash, derivatives, and commodities. They cater to diverse investor needs with services like intra-day trading, futures and options trading, IPO participation, demat account management, and mutual fund distribution. As a clearing member of both ICCL and NCL, RSL ensures efficient trade settlements. The company also actively participates in market-making for newly listed securities and engages in proprietary investments. As of 30 September 2024, the company had around 394 employees on payroll basis. The company recorded revenue from operations of Rs 92.85 crore and net profit of Rs 50.37 crore for the period as of 30 September 2024. Powered by Capital Market - Live News |