Rikhav Securities IPO booked over 4x on Day 1 so far led by retail investors; check GMP, subscription status, more

Rikhav Securities IPO began accepting subscriptions on Wednesday, January 15, and will remain open until Friday, January 17. Rikhav Securities IPO price band has been set between ₹82 and ₹86 per equity share, with a face value of ₹5 each. Investors can place bids for a minimum of 1,600 equity shares, with additional bids in multiples of 1,600 shares thereafter.

Rikhav Securities Ltd is a financial services firm based in India that provides brokerage, investment, and banking solutions. The firm is registered with SEBI as a stockbroker and has memberships with BSE Limited (BSE), the National Stock Exchange of India (NSE), and the Multi Commodity Exchange (MCX). Their offerings consist of equity broking, cash delivery, intra-day trading, as well as futures and options.

According to the red herring prospectus (RHP), the company’s listed peers are Alacrity Securities Ltd (with a P/E of 29.09), Angel One Ltd (with a P/E of 20.94), Share India Securities Ltd (with a P/E of 13.96), and Pune E – Stock Broking Ltd (with a P/E of 16.68).

Rikhav Securities IPO Subscription Status

Rikhav Securities IPO subscription status is 4.13 times, on day 1, so far. The retail portion was subscribed 6.31 times, and NII portion was booked 4.5 times. QIB portion is yet to be booked.

At 14:34 IST, the company has received bids for 2,84,01,600 shares against 68,83,200 shares on offer, according to data on chittorgarh.com

Rikhav Securities IPO Details

The Rikhav Securities IPO comprises a fresh issuance of 83,28,000 equity shares, totaling ₹71.62 crore, and a offer for sale (OFS) of 20,00,000 equity shares by public selling shareholder.

The company plans to use the net proceeds from the new offer to finance the following: general corporate purposes; capital expenditure requirements for the acquisition of computers, laptops, and IT software; and additional working capital requirements.

The registrar for the Rikhav Securities IPO is Link Intime India Private Limited, and the book running lead manager is Smart Horizon Capital Advisors Private Limited.Shreni Shares Limited is the market maker for the IPO of Rikhav Securities.

Rikhav Securities IPO GMP today

Rikhav Securities IPO GMP today is +70. This indicates Rikhav Securities share price was trading at a premium of ₹70 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Rikhav Securities share price is indicated at ₹156 apiece, which is 81.4% higher than the IPO price of ₹86.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.