BSE SME IPO of 3C IT Solutions & Telecoms (India) subscribed 97%

Published on Jun 04, 2024 17:11

The initial public offer (IPO) of 3C IT Solutions & Telecoms (India) received bids for 16,54,000 shares as against 17,00,000 shares on offer, as per BSE data as of 17:00 hours on Tuesday (04 June 2024). The issue was subscribed 0.97 times.

The issue opened for bidding on Tuesday (04 June 2024) and it will close on Friday (07 June 2024). The price of the IPO is fixed at Rs 52 per share. The minimum order quantity is 2,000 equity shares. The equity shares will list on BSE�s SME platform.

The issue size comprises of fresh issue of 17,00,000 and offer for sale (OFS) of 5,00,000 shares by existing shareholders.

About 1,12,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 20,88,000 equity shares. The offer and the net offer will constitute 36.54% and 34.68 %, respectively of the post offer paid up equity share capital of the company.

The company intends to utilize the net proceeds to meet working capital requirement, repayment or prepayment of certain borrowings availed by the company and general corporate purpose.

3C IT Solutions & Telecoms (India) offers customized IT solutions to sectors like pharmaceutical, education, banking, manufacturing, and healthcare. It provides outstanding system integration services through partnerships and proven expertise. The company evaluates existing systems, identifies problems, and builds futuristic, cost-efficient solutions for holistic and seamless IT expansion. As on 31 March 2024, the company has 25 employees on payroll basis.

The company recorded revenue from operations of Rs 23.18 crore and net profit of Rs 0.50 crore for the period as on 31 December 2023.