Rikhav Securities IPO: Rikhav Securities IPO subscribed over 8 times on Day 1. Check GMP, price band and other details

The SME initial public offering (IPO) of financial services firm Rikhav Securities was fully subscribed on Wednesday with overall subscription of 8.47 times on the first day of bidding. The company aims to raise Rs 88.82 crore through a combination of fresh equity issuance and an offer for sale (OFS), and its stock will get listed on the BSE SME platform on January 22.

The retail portion of the issue was subscribed by 13.66 times, while the issue was subscribed 7.57 times in the non-institutional investors category on the first day of bidding. Meanwhile, the qualified institutional buyers had not made any bids yet.

The issue is a combination of a fresh issuance of 83.28 lakh shares, amounting to Rs 71.62 crore, along with an offer for sale of 20 lakh shares, totaling Rs 17.20 crore.

Rikhav Securities IPO’s latest GMP

Ahead of listing, the company’s shares were trading with a GMP of Rs 70 in the unlisted market on Wednesday, indicating a premium of over 81% over the upper end of the IPO price band of Rs 86.

Rikhav Securities IPO price band

Rikhav Securities IPO is priced in the range of Rs 82-86 apiece, where investors can bid for 1,600 shares in one lot.
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About Rikhav Securities IPO

Rikhav Securities, established in the year 1995, is into the business of equity broking, investing, and trading activities. Its services encompass a comprehensive range of financial activities such as cash delivery trades, intra-day trading, futures, and options.The company is also actively involved in trading across various derivative and commodity segments. Additionally, as a self-clearing member of both the Indian Clearing Corporation (ICCL) and NSE Clearing (NCL), Rikhav ensures the smooth settlement of trades and assistance with IPO participation, and demat account management.Further, the company also acts as mutual fund advisor and distributor, where it guides clients through their investment options.

Smart Horizon Capital Advisors is the book-running lead manager for the Rikhav Securities IPO. Meanwhile Link Intime India is acting as the registrar.

Allotment and Listing date of Rikhav Securities IPO

Rikhav Securities IPO share allotment will be finalised on January 20 and the listing date is scheduled as January 22.