Rishabh Instruments IPO : How to check the Allotment Status

The ₹490.78 crore IPO of Rishabh Instruments Ltd, consists of a fresh issue of ₹75 crore and an offer for sale ₹415.78 crore by the existing shareholders, which includes the promoters and the early investors in the company. The IPO just closed on Friday, 01st September 2023 and at the close of the third day, the issue was subscribed 31.65 times overall. The basis of allotment will be finalized on 06th September 2023 while the refunds to non-allottees will be initiated on the 07th September 2023. The company expects to complete the demat credits to the allottees as of 08th September 2023, while the company plans to list its IPO on the BSE and the NSE on 11th September 2023.

Allotment status online is an internet facility that is provided by the BSE (formerly Bombay Stock Exchange) and by the registrars on their website. Many of the brokers also provide direct connectivity to the database. However, in the absence of any connectivity, one option you always have to use one of these options. That means; you can either check your allotment status on the BSE website or the IPO registrar, KFIN Technologies Limited (formerly Karvy Computershare). Here are the steps.

Checking the allotment status of Rishabh Instruments Ltd on BSE website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. You can still access the allotment status on the website of BSE India as under. Visit the BSE link for the IPO allotment by clicking on the link below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

● Under Issue Type – Select Equity Option
● Under Issue Name – Select Rishabh Instruments Ltd from the drop down box
● Enter the Application Number exactly as in the acknowledge slip
● Enter the PAN (10-digit alphanumeric) number
● Once this is done, you need to click on the Captcha to verity that you are not a robot
● Finally click on the Search Button

In the past, while checking the allotment status on the BSE website, it was necessary to input the PAN number and the application Number. However, now BSE has modified the requirements and it is sufficient if you enter any one of these parameters. There is one more point to note. Even if the company appears in the dropdown, the allotment status will only be available for you to check after the basis of allotment is finalized.

To complete your checking process, once you click on the SUBMIT button, the allotment status will be displayed on the screen in front of you informing about the number of shares of Rishabh Instruments Ltd allotted into your demat account. You can save a screenshot of this page for future reference as you will need it to reconcile with your demat account on the day the credit to demat accounts is finalized, which in this case is 08th September 2023.

Checking the allotment status of Rishabh Instruments Ltd on KFIN Technologies Ltd (Registrar to IPO)

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:

https://ris.kfintech.com/ipostatus/

Here you are given the choice to select 5 servers viz. Link 1, Link 2, Link 3, Link 4, and Link 5. There is nothing to be confused, as these are just server backups in case one of the servers is experiencing too much traffic. You can select any of these 3 servers and in case you are finding problems accessing one of the servers, then try the other one. There is no difference, which server you select.

A small thing to remember here. Unlike on the BSE website, where the names of all IPOs are there on the drop-down menu, the registrar will only provide details of the IPOs managed by them and where the allotment status is already finalized. Also, for simplicity, you can either choose to see all IPOs or just recent IPOs, which will distil the list further. Choose the latter, as that reduces the length of the list of IPOs you need to search through. Once you click on Recent IPOs, the dropdown will only show the recent active IPOs, so once the allotment status is finalized, you can select Rishabh Instruments Ltd from the drop-down box. Here are the next steps you need to traverse through.

There are 3 options. You can either query the allotment status based on PAN, Application Number or Demat Account (DPID-Client ID combination).

1. To Query by PAN, check the appropriate box and follow these steps.

● Enter the 10-digit PAN number
● Enter the 6-digit Captcha Code
● Click on Submit button
●  Allotment status gets displayed on screen

2. To Query by Application Number, or by CAF number, check the appropriate box and follow these steps.

● Enter the Application Number / CAF Number as it is
● Enter the 6-digit Captcha Code
● Click on Submit button
●  Allotment Status gets displayed on screen
In the past, the first step was to select Application Type (ASBA or Non-ASBA) before inputting your application number. Now, that step has been done away with.

3. To Query by Demat Account, check the appropriate box and follow these steps.

● Select the depository (NSDL / CDSL)
● Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)
● Enter the Client-ID
● In the case of NSDL, the Demat account is 2 strings
● In the case of CDSL, the Demat account is just 1 string
● Enter the 6-digit Captcha Code
● Click on Submit button
●  Allotment Status gets displayed on screen

It is always advisable to retain a saved screenshot of the allotment status output for future reference. The same can be tallied with the demat account credit subsequently.

You get an idea of allotment chances from subscriptions

If you want a guidance to your allotment chances, you can look at the subscription numbers for each of the different categories. In the case of Rishabh Instruments, let us look at this at two levels. We first look at what is the specific quota allocated to each of the categories.

In the above table, the anchor portion is deducted from the QIB portion and only the balance shares are allocated to the QIBs. If you have applied in the retail quota, then your chances of allotment would depend on how many times the retail portion of the IPO has been subscribed. Higher the oversubscription, lower your chances of getting full allotment.

As can be discerned from the above data, the retail portion is subscribed 8.43 times. In addition, retail allotment is done in a way that all qualifying applicants at least get 1 minimum lot. Hence, in this case, your chances of getting some allotment are quite high. You can increase your chances by spreading applications across family members.

Brief on the business model of Rishabh Instruments Ltd

Rishabh Instruments Ltd was incorporated in the year 1982 to manufacture, design and develop instruments that are specifically meant for testing and measuring as well as the manufacture of Industrial Control Products (ICP). Rishabh Instruments offers cost-effective methods to measure, control, record, analyse, and optimize energy and processes. In addition, Rishabh Instruments also provides complete aluminium high-pressure die-casting solutions for customers in need of close tolerance fabrication. This finds extensive applications in areas like automotive compressor manufacturing and automation high precision flow meters. These products are also used in machining, and finishing of precision components. Today, Rishabh Instruments Ltd also has a strong footprint in Europe, thanks to the acquisition of Lumel Alucast in 2011. Lumel Alucast is a European non-ferrous pressure casting company which specializes in the manufacture and supply of low-voltage current transformers. 

The company also offers the outsourcing of certain manufacturing processes. This includes the manufacturing services like mould design and manufacturing, EMI and EMC testing services, Electronic Manufacturing Services (EMS), and very customized software solutions to enhance the performance of products. Broadly, in terms of business segments, Rishabh Instruments Ltd has 4 key verticals. These verticals include Electrical automation devices, Metering, control, and protection devices, Portable test and measuring instruments, and solar string inverters. Currently, the company has 3 manufacturing plants located in India and it services its local and international clients with the support of over 150 dealers in India and another 270 dealers spread across 70 global locations.

The issue will be lead managed by DAM Capital Advisors (formerly IDFC Securities), Motilal Oswal Investment Advisors and Mirae Asset Capital Markets. KFIN Technologies Ltd (formerly Karvy Computershare Ltd) will be the registrar to the issue. The proceeds of the fresh issue portion will be used to finance the cost of the expansion of the manufacturing facility at Nashik Plant and for general corporate purposes.