New Delhi: Rishabh Instruments, a global energy efficiency solution company, has received capital markets regulator Sebi's nod to mop-up funds through an initial public offering (IPO).

The IPO comprises a fresh issue of equity shares aggregating up to Rs 75 crore and an offer for sale (OFS) for up to 94.17 lakh equity shares by its promoter group shareholders and an existing investor, according to its draft red herring prospectus (DRHP).

Under the OFS, Asha Narendra Goliya will offload 25 lakh equity shares, Narendra Rishabh Goliya (HUF) will sell 5.17 lakh shares, Rishabh Narendra Goliya will dispose 4 lakh shares and SACEF Holdings II will sell 60 lakh equity shares in the company.

The company which had filed draft papers with the Securities and Exchange Board of India (Sebi) in December 2022, obtained its observation letter on February 17, 2023, an update with the regulator showed on Tuesday.