#IPO Adda | #RishabhInstruments' IPO to open at a price band of Rs 418-441/share.
Company's CMD Narendra Goliya & Group CEO Dineshkumar Musalekar share insights. #BQLive
Company's CMD Narendra Goliya & Group CEO Dineshkumar Musalekar share insights. #BQLive
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NewsTranscript
00:00 Hello and welcome to BQ Prime.
00:01 You're watching IPO Adda.
00:03 And the company in focus today is Rishabh Instruments.
00:08 It's a company which is involved in the global energy solutions
00:11 business.
00:12 And joining me is Mr. Narendra Golia, who
00:15 is the chairman and managing director,
00:17 and Mr. Dinesh Kumar Mosalekar, who is the group
00:20 CEO of the company.
00:22 Gentlemen, thank you very much for joining us on BQ Prime.
00:26 My first question to you, Mr. Golia,
00:29 give me a sense of the kind of business profile that you have,
00:33 what kind of work you do, and how
00:36 are you going to use these proceeds of 75 crores
00:39 which you are raising through the IPO?
00:42 Yeah, so you already answered your question.
00:45 You said we are a global energy efficiency solution company.
00:50 So we are a company which is global.
00:52 We have manufacturing facilities in Poland.
00:54 We have manufacturing facilities in China.
00:57 We have got in India.
00:58 We have got modification centers in USA.
01:01 We've got a modification center in UK.
01:03 So we are global.
01:04 We work in the space of energy efficiency solutions.
01:08 So first is energy efficiency.
01:10 Energy has many forms.
01:12 Most of it is electrical.
01:14 So how to increase the efficiency?
01:16 If we are to increase the efficiency,
01:18 first thing we have to do is to measure the energy.
01:22 So we make instruments which measure energy.
01:25 And then we help people in optimizing, analyzing,
01:30 recording.
01:31 We take data on the cloud.
01:33 Data is on the cloud.
01:34 So we do many things which are helping people
01:37 to increase their energy efficiency.
01:39 That's one major business.
01:41 The other business we have is aluminum pressure die casting.
01:45 We have a facility in Poland which does melting.
01:49 Every day, we melt about 20,000 tons--
01:52 20,000 kilos of aluminum, 20 tons of aluminum.
01:56 We cast it into particular shapes
01:57 depending on the end customer.
01:59 We have dies for it.
02:00 We do CNC machining.
02:03 We do tumbling operation.
02:04 We do many other operations like powder coating, painting,
02:09 and giving a product which is ready to be used by the customer.
02:12 So this is the main business in which we operate.
02:17 And your second part of the question
02:19 was, how do we use 75 crores?
02:22 See, this is a company which has been growing continuously.
02:24 Any of you can go through the historical data
02:27 of the company.
02:29 But as our country is growing so well,
02:31 we see the demand is even growing faster
02:34 than what we are able to grow.
02:36 So from that point of view, we have
02:38 to create the infrastructure.
02:40 The last two years, we have grown about 22%, 23%
02:43 each year.
02:44 And if we continue to grow at this rate,
02:47 then obviously you need new infrastructure.
02:50 So new molding machines, new spaces, new CNC machines,
02:54 all these are required.
02:56 So out of 75 crores, about 62 crores
02:59 is supposed to be used for infrastructure development.
03:04 Sir, you're coming with an IPO which
03:06 has a price issue of 75 crores and OFS of 415.8 crores.
03:10 And the fund, global fund, which is the South Asia Clean Energy
03:16 Fund, which is backed by General Electric,
03:19 is exiting completely from the company as part of this IPO.
03:23 What is the reason why they're exiting completely
03:25 at this point in time?
03:26 Because in the past, we have seen only part exits
03:28 by some of the equity partners or fund partners, which
03:34 come in early stages and invest in the companies.
03:38 Yeah, see, the point is that they
03:39 have been in the company for 10 years.
03:41 So they have a particular life.
03:43 Normally, life for such PEs is five to seven years.
03:47 Now, for whatever reason, they have been in the company
03:49 for 10 years.
03:50 So they have reporting to be done to their management
03:56 sitting in the USA.
03:57 I think that is the main reason why
03:59 they want to exit completely.
04:02 Also, we did not want to dilute.
04:04 And there are steady regulations which
04:06 require a minimum 25% dilution.
04:08 So I think these are the two main reasons.
04:11 But the internationalists, you want to add,
04:13 you're absolutely right.
04:16 What is the kind of opportunity that your business can provide?
04:20 Because you are into metering.
04:21 You are into aluminum die casting as well.
04:27 Give me a sense of the kind of opportunity
04:29 that comes in with this, especially in India.
04:31 Are you also into smart metering,
04:33 which has now been talked about in the country?
04:38 Is that the opportunity for you going forward?
04:41 Mr. Musilkar, if you can comment.
04:43 Yeah, so let me talk to you about the market
04:47 as you touched in the first part of your question.
04:49 So as we are a global company, we
04:51 have got access to the market around the globe.
04:54 So we have about five revenue streams,
04:57 starting from aluminum die casting, automation,
05:01 instrumentation, then digital meters, solar.
05:04 So in all the five segments, stream of revenues
05:08 that we have, so the global market, as we speak,
05:12 is around $250 billion.
05:14 And this is going to grow at a CAGR of 5% to 9% globally.
05:21 And that means in five years' time,
05:22 it will reach about $400 billion.
05:24 So that's the size of the market we are talking about
05:26 in the product's future.
05:28 So of course, the time for us is about 35%, 40% in that.
05:31 So all these details are listed in our RHP.
05:34 So similarly, in India, the current market size
05:37 for these product streams is about $11 billion,
05:41 which will be reaching about $17 billion,
05:43 with a CAGR of around 6% to 10%.
05:45 So our India growth rate is about 1% or 2%
05:49 higher than what is the global average.
05:51 So we are in a market which is substantially big
05:55 and growing at 5% to 10% CAGR.
05:59 And what we have is a small portion of that market size.
06:03 So the opportunities are tremendous.
06:05 So in fact, our growth is limited by how much we plant.
06:08 So last, as Mr. Golia said, our growth has been 22% to 23%
06:13 in the last two years post-COVID.
06:15 So we have the same kind of--
06:18 you can imagine that we are on the growth rate.
06:21 So this will continue to happen.
06:23 So when it comes to smart metering,
06:25 see one segment of the product that we have,
06:28 so we started with analog panel meters.
06:30 Then they become digital.
06:31 Now all the meters are becoming smart.
06:32 So with smart meter, we talk about energy,
06:34 not only in energy, in every product that we have,
06:37 whether it is a digital meter, power quality analyzer,
06:40 some transducers, all of them become smart.
06:42 Smart in the sense that you have the ability
06:44 that these products can have different protocols based
06:46 on where they are going, whether in an industrial application
06:49 or a building automation application.
06:51 So they have different protocols.
06:54 We call them like BACnet and PROFINET and Modbus.
06:58 So these are different protocols.
06:59 These are different languages that we have.
07:01 So they put all this data onto what
07:03 we call as a cloud, or with MQTT technology,
07:06 it goes onto the cloud.
07:08 Where all this information is, then
07:10 you use that information for various purposes,
07:13 whether to give a closed loop system for something
07:16 to operate with this data, or this data
07:18 is available for people who are running factories or maintaining
07:21 buildings, et cetera.
07:22 Now coming specific to energy, so we
07:24 have meters, which we call as MID meters.
07:27 So this is quite globally, which we supply.
07:30 So where the charging of subtenants
07:34 is done with this MID meters from the main meter.
07:37 So we are already into that.
07:38 So the technology and the know-how, all that we have.
07:41 So per se, when we call about these energy meters,
07:47 which we say for domestic purposes,
07:50 so that technology is all there.
07:51 So at the moment, we are not there.
07:53 But there's a possibility that we can get into that directly,
07:56 or as a volume supplier to people who make those meters.
08:00 That's always a possibility.
08:02 But yeah, of course, we have all the technology know-how,
08:05 and we are into that space already.
08:07 How does it work in terms of expansion of your footprint?
08:11 Because currently, if I'm not sure,
08:14 nearly 66% of your revenues come from overseas.
08:18 And you see a big opportunity in the domestic market.
08:21 So how this revenues split is going to change going forward?
08:26 Do you see a lot of growth coming from domestic market?
08:30 And within the domestic market, do
08:33 you see these smart solutions or energy-saving efficiency
08:37 solutions are driving growth for you going forward?
08:41 Yeah, absolutely.
08:42 See, if you look at current pie, about 66% or 2/3
08:47 of the business is overseas.
08:48 But you should also appreciate that about 10 years ago,
08:53 Lumel, Rishabh Tannur was about 100 crores,
08:57 and there was acquisition.
08:58 So we bought this company in Poland,
09:00 which was around 150 crores then.
09:02 That has grown to close to 400.
09:04 Rishabh has grown close to 190 crores.
09:06 So there has been a growth.
09:07 So that growth which has come is by acquisition
09:09 and inorganic growth and development of that.
09:11 So in India also, we have been growing.
09:13 And of course, there's a lot of infrastructure projects
09:15 which are happening in India--
09:17 smart cities, railways, Vande Bharat, and new buildings,
09:21 and so there is a lot of scope in the new infrastructure which
09:26 is going to happen.
09:27 And as energy is becoming more and more expensive,
09:31 so people have this drive, not only in India,
09:34 but globally to save energy, to measure energy,
09:37 to look at the quality of energy.
09:39 So this is already in place.
09:41 And so we also are coming up with a lot of solar farms.
09:44 So this is part of the distributed energy sources.
09:46 So you've got small energy sources,
09:48 like whether it is windmill or solar farms
09:51 or hydro energy.
09:52 So when the energy is produced, so you
09:54 have to put on the common grid, which
09:56 is common for the country.
09:57 Before you put this on the grid, you
09:59 have to ensure that this power which is generated
10:01 is absolutely good in terms of its purity,
10:06 or it is not polluted.
10:07 So your frequency, harmonics, and all those things
10:10 have to be checked, monitored, and corrected.
10:12 So a lot of our products are in that domain,
10:16 which will really help us to grow the business.
10:18 So we see a bright future in terms of direction
10:22 in which the technology is going,
10:23 and the size in which the market is growing.
10:26 So we are really, really, very optimistic.
10:29 Just to add to what Dinesh said, see,
10:31 there is both organic and inorganic.
10:34 What has happened in the last few years, our growth,
10:36 we have acquired a lot of companies abroad.
10:39 Lumel was a company we acquired in Poland.
10:41 There was a company V&A we acquired in China.
10:44 There was a business we acquired in the UK.
10:47 It's called CIFAR Maintenance.
10:50 So a lot of acquisition, but these were not by design.
10:52 These just happened.
10:53 So you keep on looking at growth opportunities.
10:57 Wherever you get business, you do it.
10:59 At the moment, we will be looking
11:01 both in India and abroad.
11:02 But both organic and inorganic, also,
11:05 there's a very healthy competition
11:07 where all the three major companies, the Lumel Electric,
11:11 the Lumel Aluminum, and the Rishabh,
11:13 they all compete on growth, on EBITDA, and all these.
11:16 So we don't try to pull down anybody or pull up anybody.
11:20 Whatever comes naturally comes.
11:22 So today you find 2/3, 1/3.
11:24 1/3 is in India, 2/3 is outside.
11:27 But I'm sure going ahead, this could change.
11:28 I don't know which way.
11:29 It could change positively.
11:31 I mean, not positively, but it could change in favor of India.
11:34 It could change in favor of foreign businesses.
11:38 So we let companies grow as they are growing,
11:40 and we manage growth.
11:42 - Give me a sense of kind of EBITDA margins
11:44 these businesses have, your segmental businesses,
11:47 whether it's aluminum die casting
11:49 or energy efficiency solution business,
11:52 what kind of margins they work on?
11:54 - Yeah, see, generally, there is a perception,
11:57 it is true also, that normally aluminum die casting business
12:00 are with EBITDA 9 to 11, 12% is what you normally see
12:04 in the industry.
12:05 But we are around, in a longer horizon,
12:08 we are around 17 to 19% EBITDA.
12:12 This happens because we just not do
12:14 the aluminum die casting itself,
12:18 but we also do machining and a lot of post-process
12:21 value addition, and there's a forward integration,
12:23 a lot of things we do.
12:24 So our margins are much better there.
12:26 And also we supply very high precision machine parts
12:29 to our industry.
12:30 So where our products go into safety-related equipments,
12:35 like in a braking system or in seat belts safeties
12:39 or airbag safeties or compressors,
12:43 air conditioning compressor,
12:44 where the temperature is like 300 degrees
12:47 inside those products.
12:48 So that gives us really a niche market
12:51 and our margins are much better there.
12:52 So we talk about EBITDA 17, 18%,
12:55 similar to electronics business.
12:57 Electronic business also are similar to that.
13:00 So we see a lot of potential,
13:03 because we have a lot of backward integration.
13:04 So we--
13:05 - For EBITDA, your EBITDA for electronics
13:08 must be much lower, right?
13:09 Because if I'm not wrong, for FY23,
13:12 you had an EBITDA of margin of 13.4%
13:16 and it declined compared to FY22.
13:19 Our profit was flat in FY23 and FY21, over FY22.
13:24 So I was wondering what kind of margin profiles
13:27 that you're working on.
13:28 - Yeah, so FY23 was very typical
13:32 because as you know that we had,
13:34 post-COVID, we had a big crisis of the component prices
13:38 and component availability.
13:40 So that's the main reason
13:41 where the material cost of electronic components
13:43 went up substantially.
13:45 We're not able to transfer all of that to our customer,
13:48 which subsequently happened and they changed direction.
13:52 So that was one reason.
13:53 And secondly, energy costs were also very high
13:56 because our plan for aluminum die casting is in Poland
13:59 and when the Ukraine started,
14:02 they depended on Russian gas, so it had some effect.
14:05 Now all that is streamlined,
14:07 the gas prices and electricity prices are also coming down.
14:10 There were a couple of reasons which were there.
14:12 Apart from that, we also had this pre-IPO,
14:16 there were E-stops given to all the key people
14:20 in the company, so that cost also has come in.
14:23 Then we had to have consolidation of all our accounts
14:27 and Forex, which is unrealized kind of a thing
14:30 for our businesses in Poland and Europe
14:34 were to be consolidated.
14:36 So we had some couple of, you can say,
14:38 non-operational, non-notional expenses going in there.
14:43 If we do the adjustments for them,
14:47 then we have, it is not that we have in the absolute number
14:52 more profits than 22.
14:54 So...
14:55 - What, yeah.
14:58 Mr. Goli, you want to add?
15:00 - Yeah, there were very good years
15:03 when we had EBITDA in the business, 22, 23%.
15:07 As Dinesh just explained to you,
15:10 COVID did upset a lot of things,
15:12 absolutely semiconductor business went into a tailspin.
15:17 But I think things are back to normal,
15:18 so we should hopefully come back to our earlier EBITDA.
15:22 - Are you heavily dependent on semiconductor component
15:26 for your energy business?
15:29 - Yeah, for electrical businesses,
15:33 of course, there's a lot of electronics
15:34 which goes into these products.
15:36 And like every electronic manufacturer,
15:39 so we are dependent on components.
15:41 Actually, the components,
15:42 most of the components were available.
15:44 The only problem was with the ICs.
15:47 So these ICs, we were dependent on China, Taiwan,
15:50 and the whole world is dependent on that.
15:52 So that's where, but now what is happening is
15:55 a semiconductor manufacturing is a big investment,
15:58 which all the governments,
16:00 including Indian government and European governments,
16:03 US governments are doing,
16:04 and the dependence on China for the ICs
16:08 is going to go down in the future.
16:10 So there's a lot of this work which is happening
16:13 and billions of euros and dollars
16:16 are being spent by government as well as private sector
16:19 to increase this market.
16:22 - Are you also looking at
16:23 alternative supply chain sources?
16:25 - So of course, to mitigate the business risk,
16:29 we always try to have alternate supplies
16:32 and also to mitigate risk,
16:34 we are developing our products
16:36 not based on only one particular chip.
16:38 So to develop the product with multiple chips or ICs,
16:42 so if one IC is not available,
16:44 the second one which is available could be taken.
16:47 In fact, we did a lot of work on this during COVID period
16:50 when ICs were not available, our R&Ds.
16:52 This is where we have advantage
16:53 because we have our own R&D
16:55 and we have our own engineers
16:56 who can design our own products.
16:58 We are not like just manufacturing for somebody else.
17:01 So our R&D engineers were able to design products
17:03 with ICs which are easily available in the market.
17:05 So we could manage our business much better
17:08 than our competition during this period
17:11 and we'll continue to do that.
17:12 So diversification with the product,
17:14 with supply chain, we always do that.
17:16 So normally 70/30, we keep all the key components.
17:19 We have one supplier who can supply 70%,
17:22 other supplier who can supply 30%
17:24 so that if something goes wrong with one supplier,
17:27 the other supplier is always there.
17:28 - See, as Dinesh explained,
17:30 the world has realized in COVID,
17:33 I mean, COVID has taught us many things,
17:34 but one of the things it taught us
17:36 was how dependent we are on silicon
17:39 and how we are dependent on ICs.
17:42 And therefore, although there was a sort of not monopoly,
17:45 not duopoly, but probably triopoly
17:47 where there were three, four countries
17:49 in the world making ICs.
17:51 Today, many other countries have started looking at it.
17:54 India has declared a big flip.
17:57 If somebody in private sector wants to come,
17:59 India government will support it.
18:01 So I'm sure in the next three, four,
18:02 and anyway, everybody knows electronics
18:05 has become a part of our lives.
18:06 You know, in India also,
18:08 the biggest import content was petroleum products
18:13 and now it has changed to electronic and electronic products.
18:16 So government of India has realized
18:18 that there should be more local production.
18:21 Government is putting a lot of resources.
18:23 It's instigating people to set up fabrication.
18:27 It's called fab, you know, fabrication units.
18:30 We are already leading company in designing.
18:32 So we have committed 600,000 people to this industry.
18:36 And I'm sure in the coming years,
18:39 we will more depend on indigenous sources
18:42 than imported sources.
18:44 - Give me a sense of two critical things.
18:46 One is the gas availability,
18:48 which impacted you post the Russian-Ukrainian war.
18:52 Has it stabilized and the prices stabilized,
18:55 gone back to pre-war?
18:56 And the second one is on the cost of supply chain.
19:00 Has it again gone back to the normal or is still there?
19:03 And will these two help you improve your margins
19:07 in say FY '24 going forward?
19:09 - Yeah, absolutely.
19:11 I mean, our first question is about the gas prices.
19:14 So when the war broke out,
19:16 there was a lot of speculation.
19:18 People didn't know how long it is going to last,
19:20 what is going to happen, et cetera, et cetera.
19:22 But see our biggest consumption of gas is in Poland,
19:27 in our aluminum die casting.
19:28 So Europe, being Europe,
19:30 so they had their own alternate mechanism
19:33 to take care of that.
19:35 And moreover, the plant where we are.
19:37 So we are dependent on the gas,
19:40 which is produced about 100 kilometers
19:42 from where the plant is.
19:45 We are, our plant is in Zelenogora.
19:47 The gas is actually produced from 100 kilometers from there
19:51 and we are supplied with that.
19:53 But because of the, you know,
19:55 it cannot be a differential prices.
19:57 So that price has to be in comparison in line
20:01 with the rest of Poland and rest of Europe.
20:04 So the price went up.
20:05 Now with, so availability is not an issue.
20:09 The prices now, see they became five times more expensive
20:13 overnight.
20:14 Now they have come back,
20:15 but they are not like at the first level.
20:17 But they are, say about two times or two and a half times
20:20 more expensive than the pre-war, this thing.
20:22 But during this period,
20:23 all this price we're able to transfer to suppliers.
20:26 So there was, that's why in 2023,
20:28 we're not able to transfer this immediately.
20:31 So we have to engage with all our big suppliers
20:33 because they were all big customers.
20:35 So with the big customers,
20:36 we have to engage and then make the amendments
20:39 to the contract and new contracts we are taking
20:41 with the, you know, energy indexation.
20:43 So we booked the order with some energy price.
20:46 So if the prices go up in the energy,
20:49 then we have a right to adjust those prices.
20:51 This is how the contracts we have been assigning.
20:53 So that has been mitigated.
20:55 And coming back to,
20:56 and we see those results coming through
20:59 after making all those adjustments on the profit side.
21:02 I do not want to talk about the current profits
21:05 because CBO doesn't allow us to talk about those things.
21:08 But on the electronic materials side also,
21:12 so the prices, like I'll give you some examples.
21:14 Few ICs which had become so expensive,
21:16 from $5, they had become $100.
21:19 They have come back to say $10.
21:20 They have not become $5.
21:22 But again, all these surprising prices,
21:24 we are able to transfer to our customers
21:26 and our price corrections were done.
21:28 So we are very much in control
21:30 and I don't see any problems in that being.
21:35 That was a big problem in 2023.
21:37 We learned some lessons and we did corrections.
21:39 And now going forward, we will not have any problems.
21:43 We will be, I mean, if something extremely extraordinary
21:47 happens, then we don't know.
21:48 But with these two issues, we have the solutions
21:52 and which are already implemented.
21:54 - So what is the kind of lag period
21:56 with which it comes into effect
21:57 to get an understanding of it?
21:59 So if there was a price escalation in FY23,
22:03 what is the lag with which you pass on to the customer
22:06 and it gets reflected in your financials?
22:10 - So in electrical business, it is relatively faster.
22:15 When everything was stable,
22:17 we used to do price corrections once in a year.
22:19 Now we do multiple times, like three to four times in a year
22:23 based on different product group category,
22:25 wherever the product, which products are using
22:27 and customers also understand that
22:29 because all our clients, customers are long-term customers.
22:32 So we don't have, we work more like a partnership.
22:35 So they understand that.
22:36 So for electrical business,
22:39 I would say it's about three months
22:41 for aluminum die casting.
22:43 Before it took about six months to one year
22:45 for us to implement.
22:46 Now with price index session,
22:48 every three months we can do that.
22:50 But in Europe, we can book energy,
22:55 both gas as well as electricity for one year in advance
23:00 for the whole year with the price.
23:01 So we build that in the price correction
23:03 at the beginning of the year.
23:04 So Jan to December, we can book the energy price.
23:07 So we know exactly how much is the energy
23:09 we have in the existing formula
23:10 and we can build and do that.
23:13 So that's kind of fixed for good now.
23:16 - So with all these things coming into play
23:18 and your new contracts coming into play,
23:20 will you be able to go back to about 2022 EBITDA margins
23:24 of 15 and a half percent?
23:26 - More than that.
23:27 - Okay.
23:29 Finally, sir, you are going to use this money
23:32 for expansion at the Nasik manufacturing facility.
23:35 What kind of facility is it
23:36 and what kind of potential that it has
23:39 in terms of production and revenue?
23:42 - So currently our Nasik facility,
23:47 if you look at our products,
23:49 we have got a majority of products.
23:51 One is digital products,
23:52 the other one is analog products.
23:53 When we have analog products,
23:55 we talk about current transformers,
23:57 analog panel meters, switches, et cetera.
23:59 So we have got kind of two plants there.
24:01 One will be focused on analog production
24:04 where we have a 50% capacity to grow.
24:08 And the other side where we make,
24:10 again, we make molds for making the plastic housings,
24:14 et cetera.
24:14 There we hope to expand a little bit.
24:16 And then we have got electronics manufacturing.
24:20 In the electronics manufacturing,
24:21 we have got SMT lines.
24:22 So there we hope to expand.
24:24 So that's where about 62% of investment is going to happen.
24:28 So we see a huge market potential.
24:30 I talked about the market size, all that is there.
24:33 The only thing is that we want to moderate our growth
24:36 to 20 to 25% between that.
24:38 So that's to ensure that we deliver on time,
24:43 we deliver quality,
24:44 we have trained manpower to support this
24:46 and management bandwidth grows.
24:48 So we want to scale our growth to that effect.
24:51 That's how the company's philosophy
24:53 and we want to grow that way.
24:55 - Mr. Golia, by when do you expect this Nasik plant
24:58 to be operational?
25:01 After the CAPEX.
25:04 - After the CAPEX is also building portions.
25:06 So the building portion itself will take about 15 months,
25:09 you know, designing the buildings
25:12 to getting all the approvals to, you know,
25:15 fire approvals to construction, to certification,
25:18 to buying the machinery.
25:21 So you can say end of the coming year,
25:24 we are at 23, end of 24,
25:26 we should have it fully functioned.
25:28 - And it's more like a brownfield.
25:30 So we have full operations going on there,
25:32 factory operations.
25:33 It will be expansion of the existing facility
25:35 with the additional building and, you know,
25:39 manufacturing equipments.
25:41 - Gentlemen, it was a pleasure talking to you today.
25:44 Thank you very much for joining us.
25:46 Rishabh Instruments IPO opens on August 30th
25:49 and closes on September 1st.
25:51 Price between 418 to 441.
25:54 It has a fresh issue of 75 crores
25:56 and OFS of 415.8 crores,
26:00 where the existing investors,
26:01 South Asia Clean Energy Fund is exiting.
26:04 And the IPO opens on August 30,
26:07 giving the company a market value of over 1600 crores
26:10 at the upper end of the price band.
26:13 Thank you for joining us on IPO.
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