Rishabh Instruments shares listed with 4 percent premium, stock fell after initial trading

Shares of Rishabh Instruments Limited, a company providing affordable energy solutions, were listed on Monday with a premium of 4 percent compared to the issue price of Rs 441. It was listed at Rs 460 on BSE with a premium of 4.30 percent, while on NSE the share was listed at Rs 460.05 with a premium of 4.31 percent. During this period the market valuation of the company was Rs 1721.55 crore.

Till the time of writing the news, the stock had declined and the stock was trading at Rs 454.15 with a gain of 2.99 percent on NSE and at Rs 454 with a gain of 2.95 percent on BSE.

Apart from this, Ratnaveer Engineering's IPO has also been listed today. It is listed with a premium of 31 percent over its issue price of Rs 98.

The IPO of Rishabh Instruments Limited received a decent response from the market. It was subscribed 31.65 times. The company's IPO had seen a lot of demand from institutional investors. Its price band was fixed at Rs 418 to Rs 441 per share.

This IPO included a fresh issue of Rs 75 crore, while 94.3 lakh equity shares were offered for sale.

Rishabh Instruments Limited is headquartered in Nashik, Maharashtra. The firm focuses on precision-engineered products with diverse applications in industries including electrical automation, metering and measurement, power automotive, and other industrial sectors. It is one of the leading companies in manufacturing and supplying Low-Voltage Current Transformers and Analog Panel Meters.

The company's income in FY 2023 was Rs 569.54 crore, which was Rs 470.25 crore a year ago. During this period, the company made a profit of Rs 49.69 crore, which was Rs 49.65 crore in the financial year 2022.