Rashi Peripherals
Book Building issueMainboard₹600 Cr issue
+7.72%
Listing gain over issue price
Issue size
₹600 Cr
1 lot at cut-off
₹14,928
Lot size
48shares
Open
07 Feb 2024
Close
09 Feb 2024
Allotment
12 Feb 2024
Listing
14 Feb 2024
Listing performance
Issue price
₹311
Listed at
₹335
Listing-day close
₹321.50
Latest price
₹811.90
Close on 23 Oct 2026
Listing gain
+7.72%
Return since issue
+161.06%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 07 Feb 2024 – 09 Feb 2024
- Listing date
- 14 Feb 2024
- Face value
- ₹5 per share
- Issue price
- ₹311 per share
- Lot size
- 48 shares
- Issue type
- Book Building issue
- Total issue size
- ₹600 Cr
- Market cap at offer price
- ₹2,049 Cr
- Promoter holding
- 89.65% → 63.41% pre-issue → post-issue
- ISIN
- INE0J1F01024
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- Ariisto House, 5th Floor, Corner of Telli Gall, Andheri (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 57,87,780 | — | — |
Application size
Minimum 48 shares per lot, in multiples, at ₹311
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 48 | ₹14,928 |
| Retail (max) | 13 | 624 | ₹1,94,064 |
| S-HNI (min) | 14 | 672 | ₹2,08,992 |
| S-HNI (max) | 66 | 3,168 | ₹9,85,248 |
| B-HNI (min) | 67 | 3,216 | ₹10,00,176 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
57,87,780
Anchor portion
₹180 Cr
at ₹311 per share
Valuation and performance
Valuation at offer price
₹311 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 26.46 | 21.86 |
| P/E (×) | 11.75 | 14.23 |
| Price to book (×) | 1.86 | — |
| Market cap | — | ₹2,049 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 17.60%
- ROCE
- 14.21%
- Debt / equity
- 1.53
- PAT margin
- 1.30%
- NAV per share
- ₹167.56
- Price to book
- 1.86
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Rashi Peripherals
Rashi Peripherals Limited, incorporated in 1989 and converted to a public company in 2022, is a national distribution partner for global technology brands specializing in information and communications technology (ICT) products distribution in India. The company operates as a technology integrated distributor with end-to-end service capabilities spanning pre-sale activities, solutions design, technical support, marketing services, credit solutions, and warranty management. As of September 30, 2023, the company distributed products from 52 global technology brands including ASUS, Dell, HP, Lenovo, Logitech, NVIDIA, Intel, Western Digital, and others. The company generates revenue through distribution of ICT products to channel partners and B2B customers across India, with operations characterized by low gross margins typical of the distribution industry.
Company Analysis
from RHPRashi Peripherals Limited is among India's leading technology integrated national distribution partners for global ICT brands, offering end-to-end services including pre-sale activities, solutions design, technical support, marketing services, credit solutions and warranty management.
Rashi Peripherals Limited, incorporated in 1989 and converted to a public company in 2022, is a national distribution partner for global technology brands specializing in information and communications technology (ICT) products distribution in India. The company operates as a technology integrated distributor with end-to-end service capabilities spanning pre-sale activities, solutions design, technical support, marketing services, credit solutions, and warranty management. As of September 30, 2023, the company distributed products from 52 global technology brands including ASUS, Dell, HP, Lenovo, Logitech, NVIDIA, Intel, Western Digital, and others. The company generates revenue through distribution of ICT products to channel partners and B2B customers across India, with operations characterized by low gross margins typical of the distribution industry.
Information and Communications Technology (ICT) distributionTechnology products distributionElectronics distribution
Objects of the Issue
- Prepayment or scheduled re-payment of all or a portion of certain outstanding borrowings availed by our Company ₹3,260 million p.25
- Funding working capital requirements of our Company ₹2,200 million p.25
- General corporate purposes p.25
- Prepayment or scheduled re-payment of a portion or all of certain outstanding borrowings availed by our Company p.58
- Funding working capital requirements of our Company p.58
- General corporate purposes p.58
- Prepayment or scheduled re-payment of all or a portion of certain outstanding borrowings availed by our Company ₹3,260 million p.130
- Funding working capital requirements of our Company ₹2,200 million p.130
- General corporate purposes p.130
Issue Structure
- Total Issue
- Up to ₹6,000 million
- Fresh Issue
- Up to ₹6,000 million (after reduction of ₹1,500 million due to Pre-IPO Placement)
- Price Band
- [●] per Equity Share (Floor Price ₹[●] to Cap Price ₹[●])
- Lot Size
- [●] Equity Shares
- Face Value
- ₹5 per Equity Share
Business Model
Revenue generation through distribution of ICT products to channel partners and B2B customers. The company purchases products from global technology brands and sells them through its distribution network. Revenue is derived from product sales at margins, with additional revenue from services including pre-sale activities, solutions design, technical support, marketing services, credit solutions and warranty management. The company also receives volume-based purchase discounts and rebates from global technology brands.
Business Segments
Under this vertical we distribute personal computing devices, enterprise solutions, embedded designs/ products and cloud computing
This includes the distribution of products such as (i) components that include graphic cards, central processing units ("CPUs") and motherboards; (ii) storage and memory devices; (iii) lifestyle peripherals and accessories that include keyboard, mice, web cameras, monitors, wearables, casting devices, fitness trackers and gaming accessories; (iv) power equipment such as UPS and invertors; and (v) networking and mobility devices
Distribution of personal computing devices, enterprise solutions, embedded designs/products and cloud computing. Products include laptops (10% market share), desktops (10% market share), routers (33% market share), and switches (10% market share)
Distribution of components (graphic cards with 47% market share, CPUs with 45% market share, motherboards with 25% market share), storage and memory devices (hard drives 29%, pen drives 42%), lifestyle peripherals and accessories (keyboards and mice 21%, monitors 27%, web cameras, wearables, gaming accessories), power equipment (UPS 13%), and networking/mobility devices
Distribution of personal computing products, enterprise solutions, and cloud computing services. This segment includes processors, graphic cards, laptops, desktops, servers, cloud infrastructure and related products.
Distribution of lifestyle and IT essentials products including peripherals, storage devices, memory products, UPS systems, accessories and related products.
Distribution of Information and Communication Technology products, mobility and other technology products, and after-sales services of ICT Products. Operating branch in Singapore.
Leading distributor of cloud services, IT infrastructure services, and cybersecurity services to partners.
Information and Communication Technology Product Distribution Business
Single operating segment comprising distribution of computer systems, software, peripherals, mobile devices and cloud services
Distribution of personal computing devices, enterprise solutions, embedded designs/products and cloud computing
Distribution of components (graphic cards, CPUs, motherboards), storage and memory devices, lifestyle peripherals and accessories (keyboards, mice, monitors, wearables, gaming accessories), power equipment (UPS, invertors), and networking and mobility devices
SWOT Analysis
Strengths
- • Leading national distribution partner for ICT products(p.25)
- • Fast-growing revenue trajectory in the sector(p.25)
- • Comprehensive end-to-end service offerings(p.25)
- • Strong repeat customer base(p.42)
- • Diversified global technology brand partnerships(p.40)
- • Significant market share in key ICT product categories(p.52)
- • Deep knowledge and strong supplier relationships enabling success(p.52)
- • Largest ICT distribution network in India(p.63)
- • Pan-India multi-channel distribution infrastructure(p.63)
- • Long-standing relationships with global technology brands(p.63)
- • Stable revenue growth trajectory(p.60)
- • Leading and fastest-growing ICT distribution partner in India with all major OEM brands(p.145)
- • Pan-India presence with multi-channel distribution footprint and dedicated in-house infrastructure(p.145)
- • Long-term relationships with marquee global technology brands(p.145)
- • Diversified and comprehensive product portfolio with additional solutions(p.145)
- • Scalable business model supported by advanced technology stack(p.145)
- • Consistent track record of superior financial performance and return metrics(p.145)
- • Leading national ICT distributor with largest distribution network(p.224)
- • Fastest growing distributor by revenue among peers(p.224)
- • Strong revenue growth trajectory(p.224)
- • Market leadership in key components(p.222)
- • Extensive pan-India presence across city tiers(p.211)
- • Long-standing relationships with global brands(p.226)
- • Comprehensive end-to-end service offering(p.224)
- • Three decades of industry experience(p.224)
- • Established financial reporting framework with Ind AS compliance(p.384)
- • Significant non-current asset base in property, plant and equipment(p.344)
- • Diversified revenue streams from multiple product categories(p.369)
- • Established operational structure across multiple geographies(p.369)
- • Established financing relationships with multiple banks for working capital needs(p.440)
- • No history of defaults on borrowings in past three years(p.442)
- • Secured borrowings with multiple financing options(p.440)
Weaknesses
- • Highly dependent on few global technology brands(p.41)
- • Very low gross margins vulnerable to cost pressures(p.43)
- • Negative operating cash flows in multiple periods(p.45)
- • Declining EBITDA margin trend(p.46)
- • High inventory levels requiring significant working capital(p.47)
- • Customer churn and loss of repeat customers(p.42)
- • High employee attrition rates impacting workforce stability(p.59)
- • Concentration of revenue from two business verticals(p.51)
- • Unregistered lease deeds creating legal vulnerability(p.66)
- • Subsidiary ZNet incurring continuous losses(p.66)
- • Contingent liabilities not provided for in financial statements(p.52)
- • Significant pending tax litigations(p.58)
- • High working capital intensity and growing receivables(p.55)
- • High financial leverage and rising net debt to EBITDA ratio(p.149)
- • Deteriorating return on equity and return on capital employed(p.149)
- • Working capital constraints with rising inventory and receivables days(p.149)
- • Declining profit after tax margin and profitability(p.149)
- • Declining profitability margins(p.223)
- • High working capital requirement(p.212)
- • Deteriorating inventory management(p.223)
- • Rising leverage(p.223)
- • Declining interest coverage(p.223)
- • Extended payment cycles increasing working capital stress(p.223)
- • High debt-to-equity ratio indicating significant leverage(p.377)
- • Substantial current borrowings relative to operations(p.363)
- • High concentration of inventory relative to total assets(p.353)
- • Dependence on bank borrowings and working capital facilities(p.363)
- • Goodwill impairment recognized in recent period(p.347)
- • High dependence on bank financing with restrictive covenants limiting operational flexibility(p.441)
- • Material tax liabilities and pending tax disputes involving significant amounts(p.454)
- • Outstanding litigation with significant monetary exposure and potential operational impact(p.453)
- • Material creditors representing significant leverage with four material creditors owed ₹13,166.80 million(p.454)
- • Disciplinary action and SEBI settlements by promoters for securities market violations(p.449)
- • Criminal proceedings initiated by company against external parties indicating control and fraud risks(p.445)
Opportunities
- • Growing ICT market in India with strong CAGR(p.25)
- • Expansion into non-metro cities and rural markets(p.25)
- • Global ICT market growth trajectory(p.25)
- • E-commerce channel expansion potential(p.43)
- • Import restrictions creating opportunity for organised players(p.51)
- • Geographic expansion into emerging markets(p.63)
- • Expansion into new product segments and emerging IT categories(p.64)
- • Channel network expansion opportunity(p.63)
- • Funding working capital requirements to support growth(p.130)
- • Reduction of debt servicing costs through prepayment of borrowings(p.132)
- • Enhancement of brand name and market visibility through listing(p.130)
- • Maintaining favourable debt to equity ratio to support expansion(p.132)
- • Import restrictions on laptops, tablets and PCs mandated by Government(p.210)
- • Untapped rural markets and non-metro cities(p.210)
- • Growing Government digitalization initiatives(p.192)
- • Rising device penetration in lower-income segments(p.193)
- • Expanding Device-as-a-Service (DaaS) market(p.201)
- • Strong growth in cloud services market(p.198)
- • Expanding e-commerce distribution channel(p.197)
- • Expansion through integration of acquired subsidiaries(p.347)
- • Growth in cloud and hosting services revenue(p.370)
- • Increasing operational footprint with leasehold improvements and new facilities(p.344)
- • Expansion of services portfolio and maintenance revenue(p.362)
- • Significant scale with net tangible assets exceeding ₹6.9 billion and operating profits of ₹2.4 billion(p.460)
Threats
- • Dependency on global technology brand supply decisions(p.40)
- • Global technology brands may exit or reduce operations(p.40)
- • Risk of distribution agreements termination(p.45)
- • Intense competition from larger distributors(p.48)
- • Product obsolescence and technological changes(p.41)
- • Global brands bypassing distributors via direct channels(p.43)
- • Supply chain disruptions and semi-conductor shortage(p.40)
- • Macroeconomic and geopolitical risks to supply(p.40)
- • Import restrictions on key products limiting supply(p.51)
- • Dependence on global technology brands for products(p.50)
- • Foreign exchange volatility affecting operations(p.51)
- • COVID-19 pandemic impact on operations(p.55)
- • Warehouse disruptions and seizures affecting supply chain(p.56)
- • Increasing competition and pricing pressures(p.52)
- • Brand reputation risks from unauthorized usage(p.50)
- • Seasonal and cyclical volatility affecting revenue(p.72)
- • Revenue growth deceleration and near-flat year-on-year growth(p.149)
- • Margin compression from operational and financial pressures(p.149)
- • Semiconductor supply chain constraints(p.210)
- • Intense price competition in ICT products(p.179)
- • Competitive pressure from large players(p.211)
- • Risk of disintermediation by global brands(p.205)
- • Growth slowdown in smartphone market(p.197)
- • Structural headwinds in PC market(p.193)
- • Regulatory uncertainty in e-commerce(p.209)
- • Limited technology adoption by MSME sector(p.210)
- • Significant indirect tax contingent liabilities and disputes(p.372)
- • Trade receivables aging with credit impairment exposure(p.353)
- • Exposure to foreign currency fluctuations in operations(p.370)
- • Liquidity risk from substantial current financial liabilities(p.375)
- • Dependence on related party financing with unsecured borrowing structure(p.363)
- • Multiple Competition Commission investigations for alleged abuse of dominance in microprocessor and laptop markets(p.447)
- • Regulatory risk from Customs authorities regarding product classification affecting duty obligations(p.452)
- • Service tax and GST compliance disputes with cumulative exposure exceeding ₹400 million across multiple jurisdictions(p.451)
- • Trademark infringement and domain-related litigation involving third-party intellectual property rights(p.450)
- • Material pending civil litigation with significant damage awards upheld through appeals(p.446)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Krishna Kumar Choudhary | Promoter | 2.78% | — |
| Sureshkumar Pansari | Promoter | 11.21% | — |
| Kapal Suresh Pansari | Promoter | 6.62% | — |
| Keshav Krishna Kumar Choudhary | Promoter | 15.86% | — |
| Chaman Pansari | Promoter | 5.14% | — |
| Krishna Kumar Choudhary (HUF) | Promoter | 12.39% | — |
| Suresh M Pansari HUF | Promoter | 3.55% | — |
| Krishna Kumar Choudhary | Promoter | — | — |
| Sureshkumar Pansari | Promoter | — | — |
| Kapal Suresh Pansari | Promoter | — | — |
| Keshav Krishna Kumar Choudhary | Promoter | — | — |
| Krishna Kumar Choudhary | Promoter | 2.78% | — |
| Sureshkumar Pansari | Promoter | 11.21% | — |
| Kapal Suresh Pansari | Promoter | 6.62% | — |
| Keshav Krishna Kumar Choudhary | Promoter | 15.86% | — |
| Chaman Pansari | Promoter | 5.14% | — |
| Krishna Kumar Choudhary (Karta of Krishna Kumar Choudhary (HUF)) | Promoter | 12.39% | — |
| Sureshkumar Pansari (Karta of Suresh M Pansari HUF) | Promoter | 3.55% | — |
| Manju Suresh Pansari | Promoter Group | 12.63% | — |
| Meena Choudhary | Promoter Group | 13.80% | — |
| Priyanka Kapal Pansari | Promoter Group | 0.14% | — |
| Gazal Pansari | Promoter Group | 5.53% | — |
| Krishna Kumar Choudhary | Promoter | 2.78% | — |
| Sureshkumar Pansari | Promoter | 11.21% | — |
| Kapal Suresh Pansari | Promoter | 6.62% | — |
| Keshav Krishna Kumar Choudhary | Promoter | 15.86% | — |
| Krishna Kumar Choudhary | Promoter | 2.78% | — |
| Sureshkumar Pansari | Promoter | 11.21% | — |
| Kapal Suresh Pansari | Promoter | 6.62% | — |
| Keshav Krishna Kumar Choudhary | Promoter | 15.86% | — |
| Chaman Pansari | Promoter | 5.14% | — |
| Krishna Kumar Choudhary (HUF) | Promoter | 12.39% | — |
| Suresh M Pansari HUF | Promoter | 3.55% | — |
| Sureshkumar Pansari | Promoter | 12.50% | — |
| Kapal Pansari | Promoter | 7.39% | — |
| Keshav Choudhary | Promoter | 17.69% | — |
| Krishna Kumar Choudhary as Karta of Krishna Kumar Choudhary HUF | Promoter | 13.82% | — |
| Krishna Kumar Choudhary | Promoter | 3.10% | — |
| Sureshkumar Pansari as Karta of Suresh Pansari HUF | Promoter | 3.95% | — |
| Chaman Pansari | Promoter | 5.73% | — |
| Krishna Kumar Choudhary | Promoter | — | — |
| Sureshkumar Pansari | Promoter | — | — |
| Kapal Suresh Pansari | Promoter | — | — |
| Chaman Pansari | Promoter | — | — |
| Keshav Krishna Kumar Choudhary | Promoter | — | — |
Leadership
Krishna Kumar Choudhary · Promoter/Chairman
Sureshkumar Pansari · Promoter/MD
Kapal Suresh Pansari · Promoter
Keshav Krishna Kumar Choudhary · Promoter
Hinal Tejas Shah · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Rashi Peripherals IPO FAQs
What is the lot size of Rashi Peripherals IPO?
The minimum lot size of Rashi Peripherals IPO is 48 shares. One lot costs ₹14,928 at the cut-off price.
When does Rashi Peripherals IPO open and close?
Rashi Peripherals IPO opened for subscription on 07 Feb 2024 and closed on 09 Feb 2024.
What is the listing date of Rashi Peripherals IPO?
Rashi Peripherals IPO listed on 14 Feb 2024.