Rikhav Securities IPO booked 205 times so far on last day: Check subscription, price band, listing date and more

The initial public offering (IPO) of Rikhav Securities Limited continued to see strong demand across investor categories on the third and last day of bidding on Friday, January 15. The BSE SME issue was booked more than 285.3 times led by the Non-Institutional Investors.

The ₹88.82-crore public offer opened for subscription on January 15 and the issue was fully subscribed within hours of launch.

The IPO received applications for more than 211.36 crore shares against 74.08 lakh shares on offer, the BSE data showed. The issue was overall booked 285.33 times.

The retail portion was subscribed 251.36 times as the investors applied for nearly 86.66 crore shares against 34.48 lakh shares on offer. The NIIs booked their category 455.32 times with applications for 91.28 crore shares against 20.04 lakh shares reserved for them. The Qualified Institutional Buyers (QIBs) segment was booked 170.92 times. The QIBs submitted bids for more than 33.41 crore shares against the allocated 19.55 lakh shares.

Rikhav Securities IPO details

The book-building issue of the financial services company consists of a fresh issuance of 83.28 lakh shares, amounting to ₹71.62 crore and an offer-for-sale (OFS) component of 20 shares, worth ₹17.2 crore.

The price band for the Rikhav Securities IPO has been fixed at ₹82 to ₹86 per share. For the retail investors, the minimum lot size is 1,600 shares. The retail bidders can apply for at least a single lot size, aggregating to a minimum investment of ₹1,37,600. The High Networth Individuals (HNIs) need to apply for at least two lots of 3,200 shares, worth ₹2,75,200.

Smart Horizon Capital Advisors Private Ltd is the book-running lead manager of the IPO. Link Intime India Private Ltd is the registrar for the issue.

Rikhav Securities IPO dates

After the end of the three-day subscription, Rikhav Securities is scheduled to finalise the IPO allotment status on Monday, January 20. The company will process refunds and transfer of shares to the Demat accounts on January 21.

Shares of the company will be listed on the BSE SME platform. The tentative IPO listing date is January 22.

About Rikhav Securities

Rikhav Securities Ltd is a leading financial services provider. The company is primarily engaged in brokerage, banking and proprietary investment services. It was registered as a Market Maker with the BSE in 2012, and then with the NSE in 2016. It is also registered as a stockbroker with the Securities and Exchange Board of India (SEBI).

The company also provides services like broking, cash delivery, intra-day trading, and futures and options, in the equity segment.

Rikhav Securities IPO objects

The company will be using the proceeds from the IPO for its incremental working capital needs, as per the issue documents filed with SEBI. A portion of the funds will be used for capital expenditure toward the purchase of IT software, computers and laptops. The company has proposed to use a part of the IPO proceeds for general corporate purposes.

Rikhav Securities key financials