Rashi Peripherals shares list at 9% premium over issue price; m-cap about Rs 2,200 crore

Rashi Peripherals listing price: Shares of Rashi Peripherals Ltd got listed at Rs 335 on BSE, a 7.72 per cent premium over its issue price of Rs 311. At the prevailing price, the company commanded a market capitalisation of Rs 2,207.64 crore. The Rashi Peripherals stock has been admitted to dealings on the exchange in the list of 'B' group securities. 

On NSE, the stock got listed at Rs 339.50, up 9.16 per cent. At the issue price, Rashi Peripherals was valued at PE of 16.6 times. 

Rashi Peripherals is a national distribution partners for global technology brands in India for information and communications technology (ICT) products. It offers service offerings including value-added services such as pre-sales, marketing credit solutions, technical support and warranty management services. Rashi Peripherals' revenue from operations grew at at 26.32 per cent compounded annually to Rs 9,454.30 crore in FY23 from Rs 5,925 crore in FY21. Its revenue for the six-month ended September 30, 2023, stood at Rs 5,468.50 crore.

Rashi Peripherals' total borrowings stood at Rs 1,395 crore in the first half of FY24; its debt to equity ratio was 1.8 times. The company is raised Rs 600 crore through fresh issue, which it intends to utilise to reduce debt (Rs 326 crore) and fund working capital requirement. 

This, analysts said, will significantly reduce the debt-o-equity ratio to 0.8 times on post issue capital.

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