Rashi Peripherals shares settle 3% higher on debut, closes at Rs 321.5

Information and communication technology products distributor Rashi Peripherals shares settled 3 percent higher on its listing day, despite strong equity market mood and robust subscription numbers on February 14.

The stock opened higher at Rs 339.50, up 9.2 percent over the issue price of Rs 311 on the NSE and touched an intraday high of Rs 342.70. It remained rangebound for most of the session and finally settled off the day's high at Rs 321.50, up 3.38 percent with a volume of 1.54 crore equity shares.

On the BSE, it was up 3 percent at Rs 320.55 with a volume of 14.11 lakh equity shares.

This was the better listing among three companies that had debuted on the bourses on Wednesday. Jana Small Finance Bank shares fell 11 percent and Capital Small Finance Bank was down 7 percent on the listing day.

Mumbai-based Rashi Peripherals has raised Rs 600 crore through an initial public offering which comprised only a fresh issue portion. The price band for the offer was Rs 295-311 per share.

Rashi Peripherals lists at 9% premium to IPO price. Should you buy, hold or book profit?

The public issue was subscribed 59.71 times during February 7-9 with support from all categories of investors.

Rashi will be using net fresh issue money for repaying debts, working capital requirements, and general corporate purposes.