The initial public offering of Rikhav Securities Ltd. that opened for subscription on Wednesday was booked over 8 times led by demand from retail investors.

The company hopes to raise nearly Rs 90 crore from the primary markets. The book-built offer worth Rs 88.82 crore consists of both fresh issuance and offer-for-sale components.

Here’s all you need to know about Rikhav Securities SME IPO as bidding on Day 2 resumes.

Rikhav Securities IPO: Key Details

The Rs 88.82-crore Rikhav Securities IPO combines a fresh issue of 83.28 lakh shares aggregating to Rs 71.62 crore and an offer for sale of 20 lakh shares worth Rs 17.20 crore.

Rikhav Securities IPO price band is set at Rs 82 to Rs 86 per share.

Retail investors have to apply for at least 1,600 shares in one lot of the Rikhav Securities IPO. This takes the minimum investment amount to Rs 1,37,600 for a single lot application.

As per the company’s RHP document, of the 1,03,28,000 shares offered:

  • 19,55,200 (18.93%) is reserved for Qualified Institutions

  • 14,80,000 (14.33%) is reserved for Non-Institutional Buyers

  • 34,48,000 (33.38%) is reserved for Retail Investors

  • 29,20,000 (28.27%) is reserved for Anchor investors.

The company has appointed Link Intime India Pvt. as the registrar for the issue, while Smart Horizon Capital Advisors Pvt. will act as the book-running lead manager. Shreni Shares Ltd. is the market maker for Rikhav Securities IPO.

Rikhav Securities IPO Day 2 Subscription Status

The IPO has been subscribed 11.48 times as of 10:19 a.m. on Thursday, as per market tracking site Chittorgarh

  • Non-Institutional Buyers: 10.13 times

  • Retail Investors: 18.57 times

Subscription status will be updated at regular intervals.

Rikhav Securities IPO GMP Today

Rikhav Securities IPO GMP (grey market premium) was Rs 70 apiece as of 8:30 a.m. on Jan. 16, as per InvestorGain. This suggests that shares of Rikhav Securities are likely to list at Rs 156 apiece, with a premium of 81.4%.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

Rikhav Securities IPO Day 1 Subscription Status

The IPO was subscribed 8.47 times on Wednesday

  • Non-Institutional Buyers: 7.57 times

  • Retail Investors: 13.66 times

Subscription status will be updated at regular intervals.

Rikhav Securities IPO Important Dates

The shares will be up for bidding between Jan. 15 and Jan. 17.

Rikhav Securities will finalise the share allotment of the IPO on Jan. 20. Successful bidders will receive their share allotments on Jan. 21, while non-allottees will have their refunds processed on the same day.

The shares are likely to get listed on the BSE SME on Jan. 22.

Rikhav Securities Ltd. Business And Financials

SEBI-registered financial services company Rikhav Securities Ltd. offers brokerage, investing, and banking services. Its services also include equity broking, cash delivery, intra-day trading, futures, and options.

The company holds memberships with the BSE, NSE and MCX, helping clients participate in IPOs. It offers depository services for demat accounts.

Use Of Proceeds

Rikhav Securities will use the funds from the fresh issue of its IPO to support incremental working capital needs, as well as the capex required for buying IT software, computers and laptops. A portion of the proceeds will also be used for general corporate purposes.

Financials

Rikhav Securities Ltd. clocked a revenue of Rs 96.15 crore and a net profit of Rs 50.37 crore during the period ended Sept. 30, 2024. Its FY24 revenue surged 104.2% to Rs 111.34 crore from Rs 54.52 crore in FY23. The net profit also surged 123.25% year-on-year to Rs 42.64 crore from Rs 19.1 crore in FY23.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.

. Read more on IPOs by NDTV Profit.Ahead of the IPO, Rikhav Securities had raised Rs 25.11 crore from anchor investors.  Read MoreIPOs 

​NDTV Profit