Ahmedabad: Rashi Peripherals Limited (“RP Tech”), a national distribution partner for global technology brands in India for information and communications technology (“ICT”) products in terms of revenues and distribution network in Fiscal 2023 (Source: Technopak Report), has fixed the price band of Rs 295 to Rs 311 per Equity Share for its initial public offer (“IPO” or “Offer”). The IPO will open on Wednesday, February 7, 2024, for subscription and close on Friday, February 9, 2024. Investors can bid for a minimum of 48 Equity Shares and in multiples of 48 Equity Shares thereafter, the company announced on Saturday

“The issue is entirely a fresh issue of Equity Shares aggregating to Rs 6,000 million with no offer for sale component,” the company said.

According to a press statement by the company, “Out of the net proceeds from the fresh issue, an amount up to Rs 3,260 million will be used for prepayment or scheduled re-payment of all or a portion of certain outstanding borrowings availed by the Company, up to Rs 2,200 million will be for funding working capital requirements of the Company and the balance amount from the net proceeds will be utilised for general corporate purposes.”

“The Mumbai-based company is a national distribution partner of global technology brands in product categories such as personal computing, mobility, enterprise, embedded solutions, components, lifestyle, storage and memory devices, power and accessories. It distributes products for global technology brands such as ASUS Global Pte. Ltd., Dell International Services India Private Limited, HP India Sales Private Limited, Lenovo India Private Limited, Logitech Asia Pacific Limited, NVIDIA Corporation, Intel Americas, Inc., Western Digital (UK) Limited, Schneider Electric IT business India Private Limited, Eaton Power Quality Private Limited, ECS Industrial Computer Co. Ltd., Belkin Asia Pacific Limited, TPV Technology India Pvt Ltd., LG Electronics India Private Limited, Toshiba Electronic Components Taiwan Corporation, and Harman International (India) Private Limited among others,” the company added in its press release.

The company states, “RPTech aims to expand its geographic presence in non-metro cities which includes tier I and tier II cities and other rural geographies which are becoming centre of consumptions for ICT products such as personal computers, smartphones, internet devices, networking devices, according to the Technopak Report.”

“JM Financial Limited and ICICI Securities Limited are the book running lead managers to the Offer,” the press release added.