Nashik-based Rishabh Instruments Ltd has filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering.

The IPO includes a fresh issue of Rs 75 crore and an offer to sell up to 9.42 million shares from existing shareholders and promoters.

The OFS includes up to 2.5 million shares in Asha Narendra Goliya, up to 400,000 shares in Rishabh Narendra Goliya, up to 518,000 shares in Narendra Rishabh Goliya (HUF), and up to 6 million shares in South Asia Clean Energy Fund (SACEF), a South Asia-focused small and medium enterprise (SME) funds managed by the Global Environment Fund (GEF).

Dam Capital Advisors Ltd, Mirae Asset Capital Markets India and Motilal Oswal Investment Advisors are the lead managers for the offering.

The company is a comprehensive enterprise that designs, develops, manufactures and supplies electrical automation equipment, metering, control and protection equipment, portable test and measurement instruments, and solar string inverters.

In addition, its subsidiary Lumel Alucast manufactures and supplies high-pressure aluminium die castings. It has two manufacturing plants in Nashik with a combined installed capacity of 4.19 million units per year as of March 2022.

According to DRHP, proceeds from the issue worth Rs 59.5 crore will be used to expand its manufacturing facilities to build and strengthen core capabilities and build capacity to manufacture electrical automation products, metering, control and protection equipment, and solar string inverters.

For FY22, operating income was at Rs 470.25 crore as against Rs 389.96 crore a year ago. Net profit for the period was Rs 49.65 crore compared to Rs 35.94 crore last year.