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Rishabh Instruments is planning to garner Rs 490.78 crore via initial public offering of 1.11 crore equity shares at upper price band.
The category reserved for retail investors was subscribed 1.82 times, and that of non-institutional investors was subscribed 2.25 times. However, the demand was muted from qualified institutional buyers with just 1% subscription so far on Day 2.
Rishabh Instruments IPO | The price band for the maiden public issue has been fixed at Rs 418-441 per share.
Analysts advised investors to subscribe to the issue for the long term as the company is backed by strong manufacturing capabilities, diverse product portfolio and solid financials.
Incorporated in 1982, Rishabh Instruments is engaged in the business of manufacturing, design, and development of test and measuring instruments and industrial control products.